Oreninc Index Update: January 9, 2014

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Oreninc Index Crashes with Only Six Deals Announced

The Oreninc Index crashed for the week ending January 9, 2014. The reason for the fall was the lack of announced deals, which fell all the way to six, a multi-year low. Total dollars announced and average deal size both increased to $31.6m and $5.2m, respectively. With average deal size remaining strong, total dollars announced actually increasing, and a $150m dollar announcement that does not count towards the Index taking place, it is not all doom and gloom despite this week’s poor statistical performance. Even if we are still mildly cautious after a lackluster three weeks, expect a jump next week as we head into conference season.

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Summary:

  • Deals announced fell to six, a multi-year low.
  • One brokered deals was announced for $0.5m, a one-week high.
  • No bought deals were announced, a one-week low.
  • Total dollars announced rose to $31.6m, a two-week high.
  • Average deal size increased to $5.2m, an eight-week high.

Major Financing Openings:

  • Highland Copper Company Inc. (TSX-V:HI) opened a $25 million offering on a best efforts basis.    
  • Altan Rio Minerals Limited (TSX-V:AMO) opened a $5 million offering on a strategic deal basis.
  • Morro Bay Capital Ltd. (TSX-V:MRW.P) opened a $0.5 million offering underwritten by a syndicate led by Richardson GMP on a best efforts basis. The deal is expected to close on or about January 15, 2014.
  • Volcanic Metals Corp. (TSX-V:VOL) opened a $0.5 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 36 months. 

Major Financing Closings:

  • Klondex Mines Ltd. (TSX:KDX) closed a $42.63 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis.    
  • Curis Resources Ltd. (TSX:CUV) closed a $7 million offering on a strategic deal basis.    
  • Wellgreen Platinum Ltd. (TSX-V:WG) closed a $2.6 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 36 months.
  • True North Gems Inc. (TSX-V:TGX) closed a $1.5 million offering on an insiders only basis.

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