Oreninc Index Update: February 13, 2014

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Oreninc Index Falls

Disclaimer: Due to a calculation error resulting from the changeover in year, the Oreninc Index updates from 1/16-2/6 included incorrect information regarding the level of the actual Index and related analyses. Affected Index updates have been removed from our website. We apologize for any inconvenience this may have caused (research@oreninc.com, 360-262-6969).

The Oreninc Index fell for the week ending February 13, 2014. Total dollars announced fell to $27m on 19 deals, a five-week low. Brokered and bought dollars were both down, with one deal at $10.8m announced, also a five-week low. After three strong weeks beginning in mid-January, the Oreninc Index fell last week to modest levels and continued to fall even further this week. While this drop in performance is disappointing after a string of encouraging weeks, there is still room for optimism as we approach the PDAC.

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Summary:

  • Deals announced dropped to 19, a five-week low.
  • One brokered deal was announced for $10.8m, a five-week low.
  • One bought deal was announced for $10.8m, a five-week low.
  • Total dollars announced fell to $27.0m, a six-week low.
  • Average deal size rose to $1.5m, a two-week high.

Major Financing Openings:

  • Santacruz Silver Mining Ltd. (TSX-V:SCZ) opened a $10.75 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. The deal is expected to close on or about March 11, 2014.
  • Apogee Silver Ltd. (TSX-V:APE) opened a $3.65 million offering on a strategic deal basis. Each unit includes 1 warrant that expires in 60 months.
  • Canamex Resources Corp. (TSX-V:CSQ) opened a $2.16 million offering on a best efforts basis. The deal is expected to close on or about February 14, 2014.
  • Cadan Resources Corporation (TSX-V:CXD) opened a $1.5 million offering on a best efforts basis.    

Major Financing Closings:

  • Sunshine Oilsands Ltd. (TSX:SUO) closed a $45.85 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Timmins Gold Corp. (TSX:TMM) closed a $28.38 million offering underwritten by a syndicate led by RBC Dominion Securities on a bought deal basis.    
  • Cardinal Energy Ltd. (TSX:CJ) closed a $28 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis.    
  • Madalena Energy Inc. (TSX-V:MVN) closed a $23 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis.

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