Oreninc Index Update: July 16, 2015

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Oreninc Index Avoids 16-Week Low

The Oreninc Index stayed flat, narrowly avoiding a 16-week low for the week ending July 16, 2015. Total dollars announced continued to fall ending at $35.8m, a 16-week low. No brokered deals were announced for the second time in two weeks; no bought deals were announced for the sixth time in eight weeks.

The natural resource market continues to take a beating from all sides. The recent fall in chinese equities has done the industry no favors as metals were sold in order fund margin calls. Additionally, on Friday, gold fell to a five-year low.

At this point, the fundraising markets have pretty well dried up. Hopefully a few companies have raised enough for summer programs and will have exciting results come fall. 

 

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Summary:

  • Number of financings inched up to 24, a two-week low.
  • No brokered financings were announced for the second time in two weeks.
  • No bought deal financings were announced for the sixth time in eight weeks.
  • Total dollars fell to $35.8m, an 16-week low.
  • Average offer size decreased to $1.5m, an 12-week low.  

Major Financing Openings:

  • Sunshine Oilsands Ltd. (TSX:SUO) opened a $12.71 million offering on a strategic deal basis. The deal is expected to close on or about August 25, 2015.
  • Select Sands Corp (TSX-V:SNS) opened a $5 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Barkerville Gold Mines Ltd. (TSX-V:BGM) opened a $3 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • Kootenay Silver Inc. (TSX-V:KTN) opened a $1.5 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.

Major Financing Closings:

  • Peruvian Precious Metals Corp. (TSX-V:PPX) closed a $4.87 million offering on a best efforts basis.
  • Arsenal Energy Inc. (TSX:AEI) closed a $4.62 million offering underwritten by a syndicate led by PI Financial Corp. on a bought deal basis.
  • Colt Resources Corp. (TSX-V:GTP) closed a $3.82 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Otis Gold Corp. (TSX-V:OOO) closed a $1.41 million offering on a best efforts basis. 

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