Oreninc Index Update: July 31, 2014

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Oreninc Index Holds Steady

The Oreninc Index rose marginally for the week ending July 31, 2014. The main positive for the week, and our only metric that actually fared better than the previous week, was the number of deals announced: 36, a four-week high. Total dollars announced fell to $62.5m, a six-week low. Eight brokered deals were announced for $36m, a six-week low; three bought deals were announced for $10m, a two-week low.

Deal activity was still down in the Canadian markets, as again things seemed to have slowed with the hot weather upon us. It would be surprising to see any continuous positive shift in the industry until September at the earliest, and even then there is no guarantee that things will be that much better.

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Summary:

  • Deals announced jumped to 36, a four-week high.
  • Eight brokered deals were announced for $36m, a six-week low.
  • Three bought deals were announced for $10m, a two-week low.
  • Total dollars fell to $62.5m, a six-week low.
  • Average deal size dropped to $1.7m, a six-week low.

Major Financing Openings:

  • Arianne Phosphate Inc. (TSX-V:DAN) opened an $8 million offering underwritten by a syndicate led by Windermere Capital on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. 
  • Alexco Resource Corp. (TSX:AXR) opened a $7.02 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about August 21, 2014.
  • High North Resources Ltd (TSX:HN) opened a $10 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. The deal is expected to close on or about August 20, 2014.
  • Canadian Overseas Petroleum Ltd. (TSX-V:XOP) opened a $5 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about August 15, 2014.

Major Financing Closings:

  • Pretium Resources Inc. (TSX:PVG) closed a $53.98 million offering underwritten by a syndicate led by Scotia Capital Inc. on a best efforts basis.  
  • Sterling Resources Ltd. (TSX-V:SLG) closed a $34.5 million offering on a best efforts basis.    
  • Dalradian Resources Inc. (TSX:DNA) closed a $27.36 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Klondex Mines Ltd. (TSX:KDX) closed a $16.1 million offering underwritten by a syndicate led by GMP Securities L.P. on a bought deal basis.

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