Oreninc Index Update: January 29, 2015

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Oreninc Index Holds Steady

The Oreninc Index held steady for the week ending January 29, 2015. Total dollars announced dropped to $68.3m, a three-week low. Two brokered and bought financings were announced for $34.9m, both three-week lows.

Deals were extremely sparse, with Tarsis Resources Ltd.’s (TSX-V:TCC) deal to acquire eight gold properties in Nevada from Sandstorm Gold Ltd. (TSX:SSL) for 1.5m shares of Tarsis the only real deal of note; the deal was initially announced on November 21, 2014. Commodities were down, with gold dropping over $35 an ounce on Thursday on news the US Federal Reserve was on track to lift interest rates later this year. Iron ore and copper also had an awful week, continuing their falls.

Although steady in recent weeks, it may be difficult for the Index to remain at this level if metal and oil prices continue to struggle.

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Summary:

  • Number of financings jumped to 28, tied for a five-week high.
  • Two brokered financings were announced for $34.9m, a three-week low.
  • Two bought deal financings were announced for $34.9m, a three-week low.
  • Total dollars dropped to $68.3m, a three-week low.
  • Average offer size fell to $2.4m, a three-week low.

Major Financing Openings:

  • Kirkland Lake Gold Inc. (TSX:KGI) opened a $25 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis. The deal is expected to close on or about February 18, 2015.
  • Dalradian Resources Inc. (TSX:DNA) opened a $11.3 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 February 9, 2015.
  • Gold Standard Ventures Corp. (TSX-V:GSV) opened a $9.86 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.    
  • Aquila Resources Inc. (TSX:AQA) opened a $6.35 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.

Major Financing Closings:

  • Brazil Resources Inc. (TSX-V:BRI) closed a $4.46 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
  • Belvedere Resources Ltd. (TSX-V:BEL) closed a $1.5 million offering on a best efforts basis. 
  • Harte Gold Corp. (TSX-V:HRT) closed a $1.05 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • Anfield Resources Inc. (TSX-V:ARY) closed a $0.65 million offering on a best efforts basis.

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