Oreninc Index Update: January 5, 2016

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Oreninc Index Drops During Light Holiday Trading 

The Oreninc Index slipped to a five-week low for the post holiday weeks ending January 5, 2017. Total dollars fell to $60.0m for the combined two weeks. Two brokered financings were announced for a total of $2.1m, a four-week high; No bought-deal financing was announced, a five-week low. 

Being a historically slow couple of weeks with less trading days, many companies were making sure to be closing their respective deals before year-end. In the news, Gold and Silver started the new year off with a small rally, with Gold trading around the 1,180 USD mark and Silver up to 16.50 USD per ounce. The industry’s leading benchmark index, the van Eck managed GDXJ also rallied and is up a whopping 25%.

Kicking off the second week of the year, investors are returning to their desks from much needed vacations. Many of them will have to play catchup with the market. It will be exciting to see what 2017 has in store for the industry.

Summary: (week of Jan. 5)

  • Number of financings fell to 31.
  • Two brokered financings were announced for $2.1m, a four-week high.
  • No bought-deal financing was announced, a three-week low.
  • Total dollars rose to $16.2m, a 51-week low.
  • Average offer size fell to $0.5m, a 104-week low.

Major Financing Openings:

  • Largo Resources Ltd. (TSX-V:LGO) opened a $23.58 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Kirkland Lake Gold Ltd. (TSX:KL) opened a $7 million offering on a best efforts basis.    
  • BE Resources Inc. (TSX-V:BER) opened a $2.7 million offering on a best efforts basis.    
  • Anglo-Bomarc Mines Ltd. (TSX-V:ANB) opened a $2 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.

Major Financing Closings:

  • Imperial Metals Corporation (TSX:III) closed a $65 million offering on a best efforts basis. The deal closed on December 30th, 2016.
  • International Tower Hill Mines Ltd. (TSX:ITH) closed a $29.85 million offering on a best efforts basis on December 28th, 2016.
  • Kirkland Lake Gold Ltd. (TSX:KL) closed a $7 million offering on a best efforts basis.
  • Jericho Oil Corp. (TSX-V:JCO) closed a $5.39 million offering on a best efforts basis.

 

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