Oreninc Index Update: December 31, 2015

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Oreninc Index Stays Level in Holiday Shortened Week

The Oreninc Index stayed level for the holiday shortened week ending December 31, 2015. Total dollars fell to $29.4m, a three-week low. No brokered financings were announced, a five-week low. No bought deals were announced, for the fifth time in six weeks.

No major deal-making news was announced, which is no surprise given the Christmas and Boxing Day holidays. Gold was down for the week and the year, as 2015 marked the third straight year that gold prices ended lower than they started.

Given the holiday, the mostly-level performance is a nice surprise. As we enter the new year, let’s hope that financing levels, and with it the industry as a whole, are headed for a better 2016 than 2015.

 Summary:

  • Number of financings dropped to 26, a four-week low.
  • No brokered financings were announced, a five-week low.
  • No bought deal financings were announced for the fifth time in six weeks.
  • Total dollars fell to $29.4m, a three-week low.
  • Average offer size decreased to $1.1m, a three-week low.

Major Financing Openings:

  • Banro Corp. (TSX:BAA) opened a $12.23 million offering on a strategic deal basis. Each unit includes a ½-warrant that expires in 36 months.
  • Jericho Oil Corp. (TSX-V:JCO) opened a $6.93 million offering on a best efforts basis. Each unit includes a ½-warrant that expires in 24 months.
  • Lithium X Energy Corp. (TSX-V:LIX) opened a $3.25 million offering on a best efforts basis.
  • Anglo-Bomarc Mines Ltd. (TSX-V:ANB) opened a $2 million offering on a best efforts basis. Each unit includes one warrant that expires in 24 months.

Major Financing Closings:

  • Africa Energy Corp. (TSX-V:AFE) closed a $6.9 million offering on a best efforts basis.   
  • Shore Gold Inc. (TSX:SGF) closed a $3.34 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis.
  • Falco Resources Ltd. (TSX-V:FPC) closed a $3.28 million offering on a best efforts basis.    
  • West Kirkland Mining Inc. (TSX-V:WKM) closed a $0.7 million offering on a best efforts basis.

 

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