Oreninc Index Update: June 19, 2014

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Oreninc Index Crashes in Deal-Heavy Week

The Oreninc Index crashed for the week ending June 19, 2014. This is a significant drop in activity in the financing space after last week’s rebound. Total dollars announced dropped to $19.8m, a YTD-low. One brokered deal was announced for $0.5m, a 25-week low; no bought deals were announced. While financing activity was down, there were a number of copper deals in the space, specifically First Quantum’s purchase of Lumina Copper and Aston Bay Holdings’ announced partnership with Antofagasta. 

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Summary:

  • Deals announced dropped to 26, a ten-week low.
  • One brokered deal was announced for $0.5m, a 25-week low.
  • No bought deals were announced, a four-week low.
  • Total dollars announced crashed to $19.8m, a YTD-low.
  • Average deal size fell to $0.76m, a 24-week low.

Major Financing Openings:

  • Crocotta Energy Inc. (TSX:CTA) opened a $58.01 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis. The deal is expected to close in July 2014. 
  • Guyana Goldfields Inc. (TSX:GUY) opened a $44.4 million offering on a best efforts basis.
  • Kirkland Lake Gold Inc. (TSX:KGI) opened a $7 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis. The deal is expected to close on or about July 3, 2014.
  • Arsenal Energy Inc. (TSX:AEI) opened a $6.5 million offering underwritten by a syndicate led by Acumen Capital on a bought deal basis. The deal is expected to close on or about July 3, 2014.

Major Financing Closings:

  • Ivanhoe Mines Ltd. (TSX:IVN) closed a $125 million offering on a strategic deal basis.    
  • Americas Petrogas Inc. (TSX-V:BOE) closed a $17.25 million offering underwritten by a syndicate led by Mackie Research Capital Corporation on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Midway Gold Corp. (TSX-V:MDW) closed a $27.25 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis.    
  • Ascot Resources Ltd. (TSX-V:AOT) closed a $3.5 million offering on a best efforts basis.

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