Oreninc Index Update: July 9, 2015

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Oreninc Index Drops to 15-Week Low

The Oreninc Index dropped to a 15-week low for the week ending July 9, 2015. Total dollars announced fell to $41.8m, an 11-week low. No brokered deals were announced for the first time in 26 weeks; No bought deals were announced for the fifth time in seven weeks.

The most notable deal of the week was the announcement that Fission Uranium Corp. (TSX:FCU) and Denison Mines Corp. (TSX:DML) would merge to create a new company called Denison Energy Corp. worth around $900m. Gold stayed down for the week, falling slightly. Iron ore had an up and down week, but ended higher on news that the Chinese government would take regulatory measures to attempt to stymie the fall of Chinese markets.

While the spring months can be looked back on as a relatively positive financing season, we have clearly entered the the summer lull now that we have fully entered July.

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 Summary:

  • Number of financings dropped to 23, a three-week low.
  • No brokered financings were announced for the first time in 26 weeks.
  • No bought deal financings were announced for the fifth time in seven weeks.
  • Total dollars fell to $41.8m, an 11-week low.
  • Average offer size decreased to $1.9m, an 11-week low.  

 

Major Financing Openings:

  • Northern Spirit Resources Inc. (TSX-V:NS) opened a $20 million offering on a best efforts basis. The deal is expected to close on or about July 31, 2015.
  • Orezone Gold Corporation (TSX:ORE) opened a $6.5 million offering on a best efforts basis.
  • PNO Resources Ltd. (TSX-V:PNO) opened a $3.5 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 60 months.
  • Galantas Gold Corporation (TSX-V:GAL) opened a $2.4 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 12 months.

 

Major Financing Closings:

  • Kelt Exploration Ltd. (TSX:KEL) closed a $90.01 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis.    
  • Bonterra Energy Corp. (TSX:BNE) closed a $31 million offering on a best efforts basis.    
  • Canamax Energy Ltd. (TSX-V:CAC) closed a $15.39 million offering underwritten by a syndicate led by GMP Securities LP on a best efforts basis.    
  • Canadian Overseas Petroleum Ltd. (TSX-V:XOP) closed a $7.23 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis.

 

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