Oreninc Index Update: February 14, 2013

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Oreninc Index Limps Along

The Oreninc Index is down just slightly due to relatively stagnant markets for the week ending February 14, 2013.  The week produced very few openings and for the fifth time in eight weeks there were zero bought deals.  The one upside from the week is the average deal size for both brokered and non-brokered was up by a significant margin.  With that said, don’t let the increased deal size fool you, the financing markets are as weak as ever.

 

Summary:

  • Deals announced fell to 18, a year-to-date low.
  • Two brokered deals were announced, flat from last week; brokered dollars announced rose to $20 million a two-week high.
  • No bought deals were announced for the fifth time in eight weeks, and for the second in a row.
  • Total Dollars announced fell slightly to $46 million, a five-week low.
  • Average deal size increased to $2.6 million, a two-week high.

Major Financing Openings:

  • Dunav Resources Ltd. (TSX-V:DNV) opened a $15 million offering underwritten by a syndicate led by Dundee Securities on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Dolly Varden Silver Corp. (TSX-V:DV) opened a $15 million offering on a best efforts basis.
  • Shoreline Energy Corp. (TSX:ESQ) opened a $5 million offering underwritten by a syndicate led by Macquarie Private Wealth on a best efforts basis. The deal is expected to close on or about February 22, 2013.
  • Goldstrike Resources Ltd. (TSX-V:GSR) opened a $1.7 million offering on a best efforts basis.

Major Financing Closings:

  • Labrador Iron Mines Holdings (TSX:LIM) closed a $28.98 million offering underwritten by a syndicate led by Canaccord Genuity on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Aldridge Minerals Inc. (TSX-V:AGM) closed a $15.03 million offering underwritten by a syndicate led by Dundee Securities on a best efforts basis.
  • Roxgold Inc. (TSX-V:ROG) closed a $10.48 million offering underwritten by a syndicate led by Toll Cross Securities on a best efforts basis.
  • Edgewater Exploration Ltd. (TSX-V:EDW) closed a $10 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis.

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