Oreninc Index Update: June 13, 2013

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Oreninc Index Five-Week Moving Average Drops to YTD Low

The Oreninc Index five-week moving average fell to a year to date (YTD) low and the lowest level since last August for the week ending June 13, 2013. Unfortunately for junior resource companies, the financing market is still two months away from the bottom of the traditional yearly cycle. Expect to see many more desperation financings as the summer continues and don’t be surprised if there aren’t as many drill results being published come the Fall due to exploration money not showing up yet this year.

Summary:

  • Total deals announced fell to 24, a two-week high.
  • Two brokered deals were announced for $5 million dollars, a two-week low.
  • No bought deals were announced for the second time in three weeks.
  • Total dollars announced dropped to $43.6 million, a five-week low.
  • Average deal size fell to $1.8 million, a five-week low.

Major Financing Openings:

  • North American Palladium Ltd. (TSX:PDL) opened a $20 million offering on a best efforts basis. The deal is expected to close on or about June 19, 2013.
  • Polar Star Mining Corporation (TSX:PSR) opened a $4.08 million offering on a best efforts basis. The deal is expected to close on or about July 20, 2013.
  • Mason Graphite Inc. (TSX-V:LLG) opened a $5 million offering underwritten by a syndicate led by Delano Capital on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about June 30, 2013.
  • Bitterroot Resources Ltd. (TSX-V:BTT) opened a $1.53 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 12 months.

Major Financing Closings:

  • Colossus Minerals Inc. (TSX:CSI) closed a $28.75 million offering underwritten by a syndicate led by GMP Securities L.P. on a bought deal basis.
  • Sabina Gold & Silver Corp. (TSX:SBB) closed a $20.57 million offering on a best efforts basis.
  • Trevali Mining Corp. (TSX:TV) closed a $10.9 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.
  • EastCoal Inc. (TSX-V:ECX) closed a $7.7 million offering on a best efforts basis.

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