Oreninc Index Update: January 7, 2016

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Oreninc Index Falls to Four-Month Low

 

The Oreninc Index fell to a four-month low for the holiday shortened week ending January 7, 2016. Total dollars announced jumped to $60.8m, a two-week high. No brokered financings were announced, a six-week low. No bought deal financings were announced for the sixth time in seven weeks.

Gold had a fantastic week, hitting a seven-week high on the back of geopolitical tensions in the Middle East and North Korea. Copper and Oil, on the other hand, both had horrendous weeks on the back of concerns over the Chinese economy.

While it is never great to see the index as low as it is this week, the first week of the year is historically a slow week in the financing markets. With falling commodity prices, however, it would not be surprising if we had a slow start to the new year.

Summary:

  • Number of financings dropped to 16, a 22-week low.
  • No brokered financings were announced, tied for a six-week low.
  • No bought deal financings were announced for the sixth time in seven weeks.
  • Total dollars jumped to $60.8m, a two-week high.
  • Average offer size increased to $5m, a 12-week high.

Major Financing Openings:

  • Perisson Petroleum Corporation (CSE:POG) opened a $55.92 million offering on a strategic deal basis.    
  • Abcourt Mines Inc. (TSX-V:ABI) opened and subsequently closed a $1.02 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months.
  • Southern Arc Minerals Inc. (TSX-V:SA) opened a $1 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Southern Sun Minerals Inc. (TSX-V:SSI) opened a $0.8 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.

Major Financing Closings:

  • Jericho Oil Corp. (TSX-V:JCO) closed a $6.93 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 24 months.
  • Rapier Gold Inc. (TSX-V:RPR) closed a $0.5 million offering on a best efforts basis.   
  • Sunset Cove Mining Inc. (TSX-V:SSM) closed a $0.43 million offering on a best efforts basis.    
  • Minnova Corp. (TSX-V:MCI) closed a $0.38 million offering on a best efforts basis.

 

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