Oreninc Index Update: December 5, 2013

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Oreninc Index Returns to Pre-Holiday Level

The Oreninc Index rose for the week ending December 5, 2013. This week was mostly highlighted by the number of deals, 57, the most YTD. Total dollars announced rose to $176.6m after a slump last week. While brokered dollars announced rose to $26.6m on ten deals, it was still lower than the rate we had grown accustomed to during November; bought deals followed suit with just one deal for $5m, a seven-week low. While this week is marginally comforting after an expected down last week of November, there is some reason for pause before the previously held optimism continues.

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Summary:

  • Deals announced exploded to 57, a YTD high.
  • Ten brokered deals were announced for $26.6m, a two-week high.
  • One bought deal was announced for $13.5m, a seven-week low.
  • Total dollars announced rose to $172.6m, a three-week high.
  • Average deal size increased to $3m, a four-week low

Major Financing Openings:

  • Sunshine Oilsands Ltd. (TSX:SUO) opened a $45.53 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Alexander Energy Ltd. (TSX-V:ALX) opened a $21 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
  • Largo Resources Ltd. (TSX-V:LGO) opened a $17 million offering on a best efforts basis. The deal is expected to close on or about December 11, 2013.
  • Canadian Spirit Resources Inc. (TSX-V:SPI) opened a $18.3 million offering on a best efforts basis. The deal is expected to close on or about December 20, 2013.

Major Financing Closings:

  • Kelt Exploration Ltd. (TSX:KEL) closed a $101.06 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis.    
  • NuVista Energy Ltd. (TSX:NVA) closed a $78.1 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis.    
  • Copper Mountain Mining Corporation (TSX:CUM) closed a $30.09 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis.    
  • Stornoway Diamond Corp. (TSX:SWY) closed a $10.05 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.

 

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