Oreninc Index Update: January 15, 2015

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Oreninc Index Rebounds

The Oreninc Index rebounded for the week ending January 15, 2015. Total dollars announced exploded to $100.8m, a five-week high. Two brokered and bought financings were announced for $93.3m, both 13-week highs.

Deals seemed to pick up slightly, with Coeur Mining’s (NYSE:CDE) purchase of Goldcorp’s (NYSE:GG) Wharf Mine for $105m leading the charge. Commodity prices were all over the place for the week, with gold jumping to $1,264.70 an ounce, its highest level since October, on news out of Switzerland that they would drop efforts to keep the Franc from appreciating. Copper had a horrific week, dropping to levels not seen since mid-2009.

 

While not much excitement should be gleaned from just one positive week, it’s nice to see some strong numbers that will hopefully spark some confidence in such a depressed market.

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Summary:

  • Deals rose to 14, a two-week high.
  • Two brokered deals were announced for $93.3m, a 13-week high.
  • Two bought deals were announced for $93.3m, a 13-week high.
  • Total dollars exploded to $100.8m, a five-week high.
  • Average deal size jumped to $7.2m, a 13-week high.

Major Financing Openings:

  • Raging River Exploration Inc. (TSX:RRX) opened a $76.8 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis. The deal is expected to close on or about February 4, 2015.
  • Lydian International Ltd. (TSX:LYD) opened a $16.5 million offering underwritten by a syndicate led by Scotia Capital on a bought deal basis. The deal is expected to close on or about February 4, 2015.
  • Orex Minerals Inc. (TSX-V:REX) opened a $1.2 million offering on a best efforts basis. The deal is expected to close on or about January 19, 2015.
  • Nexus Gold Corp. (TSX-V:NXS) opened a $1 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Northern Dynasty Minerals Ltd. (TSX:NDM) closed a $15.52 million offering on a best efforts basis.    
  • Euromax Resources Limited (TSX-V:EOX) closed a $5.84 million offering on a strategic deal basis. Each unit includes a 1/2 warrant that expires in 60 months.
  • PetroMaroc Corporation plc (TSX-V:PMA) closed a $3 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • African Gold Group Inc. (TSX-V:AGG) closed a $1.66 million offering on a best efforts basis.

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