Oreninc Index Update: December 4, 2014

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Oreninc Index Settles into Slump

The Oreninc Index fell further for the week ending December 4, 2014. Total dollars fell to $38.6m, a four-week low. Two brokered deals were announced for $1.9m, also a four-week low; no bought deals were announced for the third time in five weeks. 

Deal-making picked up this week, led by Aston Bay Holdings Ltd.’s (TSX-V:BAY) announcement of the signing of their Definitive Earn-In Agreement with a wholly owned subsidiary of Antofagasta plc (LON:ANTO). 

Metals prices rallied with gold hitting a five-week high on Monday the 1st (though coming back down to around $1,200 to end the week) and iron ore moving up to its highest level since mid-November, which while not huge news, is certainly better than the fall it had in recent weeks.

As the holidays approach, it seems that bankers and executives are gearing up to be out of the office and investor’s checkbooks may be tapped. There is always next year….

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Summary:

  • Deals dropped to 24, a four-week low.
  • Two brokered deals were announced for $1.9m, a four-week low.
  • No bought deals were announced for the third time in five weeks
  • Total dollars fell to $38.6m, a four-week low.
  • Average deal size decreased to $1.6m, a four-week low.

Major Financing Openings:

  • Alphamin Resources Corp. (TSX-V:AFM) opened a $15 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months.
  • SouthGobi Resources Ltd. (TSX:SGQ) opened a $10.23 million offering on a best efforts basis.    
  • Blackheath Resources Inc. (TSX-V:BHR) opened a $2 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 30 months.
  • Lakeland Resources Inc. (TSX-V:LK) opened a $1.89 million offering underwritten by a syndicate led by Secutor Capital Management on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Painted Pony Petroleum Ltd. (TSX:PPY) closed a $63.3 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis.    
  • GoGold Resources Inc. (TSX:GGD) closed a $20 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis.    
  • Lake Shore Gold Corp. (TSX:LSG) closed a $15.09 million offering underwritten by a syndicate led by TD Securities Inc. on a bought deal basis.    
  • Magellan Minerals Ltd. (TSX-V:MNM) closed a $3 million offering on a best efforts basis.

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