Oreninc Index Update: January 3, 2013

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Oreninc Index Falls in New Years Week

The Oreninc Index fell during the week straddling New Years, which ended January 3, 2013.  The week saw a slight increase in total deals opened from the previous week, however average deal size fell significantly.  In addition, there were no brokered or bought deals announced.  The next few weeks will likely show slight gains, however January’s anemic history should continue in 2013.

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Summary:
  • Thirty-six deals were announced, a two-week high.
  • Zero brokered deals were announced, the first week with no brokered deals in 2012.
  • Zero bought deals were announced for the third straight week.
  • Total dollars announced fell to $24.2 million, the lowest since July.
  • Average deal size slipped to $0.7 million, the smallest over the last year.
Major Financing Openings:
  • Petrox Resources Corp. (TSX-V:PTC) opened a $7 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about March 15, 2013.
  • Virginia Energy Resources Inc. (TSX-V:VUI) opened a $6 million offering on a best efforts basis.
  • Hunter Bay Minerals plc (TSX-V:HBY) opened a $1 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 6 months.
  • Fission Energy Corp. (TSX-V:FIS) opened a $1 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
Major Financing Closings:
  • Vanoil Energy Ltd. (TSX-V:VEL) closed a $4.47 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Globex Mining Enterprises (TSX:GMX) closed a $4.37 million offering underwritten by a syndicate led by Marquest Asset Management on a best efforts basis.
  • High Desert Gold Corp. (TSX-V:HDG) closed a $3.63 million offering on a best efforts basis.
  • Banks Island Gold Ltd. (TSX-V:BOZ) closed a $3.49 million offering on a best efforts basis.

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