Oreninc Index Update: February 27, 2014

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Oreninc Index Remains Steady

The Oreninc Index increased slightly for the week ending February 27, 2014. Total dollars announced rose to $176.7m, a two-week high. Seven brokered deals were announced for $89.3m, one of them bought for $70.2m. Average deal size dropped to $4.2m, a two-week low. Deals announced rose to 42, a nine-week high. The increase in number of deals is likely due to the approach of the PDAC International Convention. Though it was only a small increase, seeing the Index improve is a positive step in the right direction. 

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Summary:

  • Deals announced rose to 42, a nine-week high.
  • Seven brokered deals were announced for $89.3m, a four-week high.
  • One bought deal was announced for $70.2m, a four-week high.
  • Total dollars announced dropped to $176.7m, a two-week low.
  • Average deal size fell to $4.2m, a two-week low.

Major Financing Openings:

  • BlackPearl Resources Inc. (TSX:PXX) opened an $80.23 million offering underwritten by a syndicate led by FirstEnergy Capital Corp. on a bought deal basis. The deal is expected to close on or about March 18, 2014.
  • Midas Gold Corp. (TSX:MAX) opened a $9.99 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about March 7, 2014.
  • Artisan Energy Corporation (TSX-V:AEC) opened a $15 million offering underwritten by a syndicate led by Clarus Securities Inc. on a best efforts basis.
  • Avino Silver & Gold Mines Ltd. (TSX-V:ASM) opened a $5.55 million offering underwritten by a syndicate led by Noble Financial Capital Markets on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about February 25, 2014.

Major Financing Closings:

  • Oando Energy Resources Inc. (TSX:OER) closed a $55.06 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 24 months.
  • Troy Resources Limited (TSX:TRY) closed a $27.94 million offering on a best efforts basis.    
  • Luna Gold Corp. (TSX:LGC) closed a $20 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis.    
  • Crocodile Gold Corp. (TSX:CRK) closed a $18 million offering on a best efforts basis.

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