Oreninc Index Update: July 2, 2015

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Oreninc Index Stays Afloat during Holiday-Shortened Week

The Oreninc Index stayed afloat during the holiday-shortened week ending July 2, 2015. Total dollars increased to $110.4m, a four-week high. Two brokered financings were announced for $30.9m, a two-week high; no bought deal financings were announced for the fourth time in six weeks. 

The main deal-making news of the week included reports of “serious talks” between X2 Resources and Rio Tinto plc (NYSE:RIO) regarding X2’s interest to acquire some of Rio’s Australian coal assets. The deal, said to still be in the early stages, would be worth multiple billions of dollars. Gold was down on the week, reaching the lowest level seen since March. Iron ore and copper were also down for the week.

The strong financing numbers were a welcomed surprise considering the holiday-shortened week.

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Summary:

  • Number of financings dropped to 23, a two-week low.
  • Two brokered financings were announced for $30.9m, a two-week high. 
  • No bought deal financings were announced for the fourth time in six weeks.
  • Total dollars increased to $110.4m, a four-week high.
  • Average offer size jumped to $4.8m, a seven-week high.  

Major Financing Openings:

  • Tethys Petroleum Ltd. (TSX:TPL) opened a $60.42 million offering on a strategic deal basis.    
  • Orocobre Ltd. (TSX:ORL) opened and closed a $30.67 million offering underwritten by a syndicate led by Canaccord Genuity (Australia) Ltd. on a best efforts basis.    
  • Laurion Mineral Exploration Inc. (TSX-V:LME) opened a $6 million offering on a strategic deal basis. The deal is expected to close on or about August 5, 2015.
  • Royal Nickel Corporation (TSX:RNX) opened a $3.95 million offering on a strategic deal basis. The deal is expected to close on or about July 3, 2015.

Major Financing Closings:

  • Luna Gold Corp. (TSX:LGC) closed a $12.47 million offering on a strategic deal basis.  Each unit includes 1 warrant that expires in 60 months.
  • Alabama Graphite Corp. (CSE:ALP) closed a $2.88 million offering underwritten by a syndicate led by First Republic Capital Corporation on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Marsa Energy Inc. (TSX-V:MEP) closed a $2.86 million offering on a best efforts basis.    
  • Amana Copper Ltd. (CSE:AMA) closed a $2.1 million offering on a best efforts basis.

 

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