Oreninc Index Update: June 4, 2015

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Oreninc Index Creeps up to Two-Week High

The Oreninc Index crept up to a two-week high for the week ending June 4, 2015. Total dollars exploded to $141m, a three-week high. Three brokered financings were announced for $20m, a two-week high; and two bought deal financings were announced for $5m, also a two-week high. 

The main deal-making news from the week was Premier Gold Mines Limited’s (TSX:PG) completion of their acquisition of 40% of Goldcorp’s (NYSE:GG) South Arturo Mine Project for US$20m and other considerations. Gold had a rough week after positive employment data out of the United States. Iron ore, on the other hand, reached a three-month high in what has been a surprisingly good couple months for the ferrous metal.

While numbers are still not where the industry as a whole would like them to be, both from a financing and commodity price perspective, this spring has given us some hope that there may be some light at the end of the tunnel. That said, it is hard to be too confidant as the warm months approach and activity is bound to, as is has in the past, slow down during July and August.

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Summary:

  • Number of financings increased to 36, tied for a 14-week high.
  • Three brokered financings were announced for $20m, a two-week high. 
  • Two bought deal financings were announced for $5m, a two-week high.
  • Total dollars exploded to $141m, a three-week high.
  • Average offer size jumped to $3.9m, a three-week high.  

Major Financing Openings:

  • Sunshine Oilsands Ltd. (TSX:SUO) opened a $63.27 million offering on a insiders only basis.
  • Premier Gold Mines Limited (TSX:PG) opened a $20 million offering on a best efforts basis. The deal is expected to close on or about June 15, 2015.
  • Canamax Energy Ltd. (TSX-V:CAC) opened a $15 million offering underwritten by a syndicate led by GMP Securities LP on a best efforts basis. The deal is expected to close on or about June 30, 2015.
  • Marlin Gold Mining Ltd. (TSX-V:MLN) opened and subsequently closed a $13 million offering on a strategic deal basis.   

Major Financing Closings:

  • Tamarack Valley Energy Ltd. (TSX-V:TVE) closed a $74.08 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.   
  • EPM Mining Ventures Inc. (TSX-V:EPK) closed a $10.35 million offering on a strategic deal basis. Each unit includes 1 warrant that expires in 24 months.
  • Tinka Resources Limited (TSX-V:TK) closed a $7.25 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 60 months.
  • Skeena Resources Limited (TSX-V:SKE) closed a $6.6 million offering on a best efforts basis.

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