Oreninc Index Update: January 22, 2015

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Oreninc Index Falls, Stays Respectable

The Oreninc Index fell slightly for the week ending January 22, 2015. Total dollars announced dropped to $76m, a two-week low. Two brokered and bought financings were announced for $70m, both two-week lows. 

Deals slowed a bit, with Goldcorp’s (TSX:G) purchase of Probe Mines Ltd. (TSX-V:PRB) and their Ontario Borden Gold project leading the charge. The all-stock deal is worth CDN$526m. Gold prices for the week were strong, ending above $1,300 an ounce for the first time since August. Oil prices increased briefly on Thursday with news of the death of Saudi Arabian King Abdullah, though they will probably come back down with the expectation that his successor will not change the country’s crude production policy.

Though sagging and not where they need to be, it’s nice to see two alright weeks strung together after two of the worst weeks in years. 

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Summary:

  • Number of financings decreased to 11, tied for a three-week low.
  • Two brokered financings were announced for $70m, a two-week low.
  • Two bought deal financings were announced for $70m, a two-week low.
  • Total dollars dropped to $76m, a two-week low.
  • Average offer size fell to $6.9m, a two-week low.

Major Financing Openings:

  • Asanko Gold Inc. (TSX:AKG) opened a $40 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis. The deal is expected to close on or about February 11, 2015.
  • Richmont Mines Inc. (TSX:RIC) opened a $30 million offering (which has since been increased to a $34m offering) underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis. The deal is expected to close on or about February 11, 2015.
  • Marksmen Energy Inc. (TSX-V:MAH) opened a $1.25 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. 
  • Black Panther Mining Corp. (TSX-V:BPC) opened a $0.6 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. 

Major Financing Closings:

  • Pretium Resources Inc. (TSX:PVG) closed an $80.87 million offering on a strategic deal basis. The deal was expected to close on or about January 21, 2015.
  • Euromax Resources Limited (TSX-V:EOX) closed a $7.87 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 60 months. 
  • Greenfields Petroleum (TSX-V:GNF) closed a $2.22 million offering on a best efforts basis. 
  • Golden Arrow Resources Corp. (TSX-V:GRG) closed a $1.56 million offering on a best efforts basis.   

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