Oreninc Index Update: January 17, 2013

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Oreninc Index Rallies to Three-Week High

The financing markets have rallied, driving the Oreninc Index to a three-week high for the week ending January 17, 2013.  The week was significantly stronger than the preceding two in every metric we track.  Brokers are back participating in the market, underwriting four offerings on a bought deal basis, the most since November. While the markets are much slower than the industry would like, the most recent slide seems to have turned.

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Summary:
  • Deals announced climbed to 31, a two-week high.
  • Five brokered deals were announced, a four-week high; brokered dollars announced was $66.4 million.
  • Four bought deals were announced, the most since late November.
  • Total dollars announced more than quadrupled to $95 million, a four-week high.
  • Average deal size nearly tripled to $3.2 million, a six-week high and above the three-month average.
Major Financing Openings:
  • Labrador Iron Mines Holdings (TSX:LIM) opened a $25.2 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. The deal is expected to close on or about February 5, 2013.
  • MBAC Fertilizer Corp. (TSX:MBC) opened a $30.01 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis. The deal is expected to close on or about February 7, 2012.
  • Adira Energy Ltd. (TSX-V:ADL) opened a $5 million offering underwritten by a syndicate led by M Partners on a best efforts basis. Each unit includes 1 warrant that expires in 18 months. The deal is expected to close on or about January 24, 2013.
  • Palliser Oil & Gas Corp. (TSX-V:PXL) opened a $3.15 million offering on a bought deal basis. The deal is expected to close on or about January 31, 2013.
Major Financing Closings:
  • NGEx Resources Inc. (TSX:NGQ) closed a $34 million offering on a best efforts basis.
  • Premier Royalty Inc. (TSX:NSR) closed a $30 million offering underwritten by a syndicate led by GMP Securities on a bought deal basis.
  • Avala Resources Ltd. (TSX-V:AVZ) closed an $8 million offering underwritten by a syndicate led by Dundee Securities on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Atico Mining Corp. (TSX-V:ATY) closed an $8 million offering on a best efforts basis.

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