Oreninc Index Update: June 5, 2014

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Oreninc Index Drops to 11-Week Low 

The Oreninc Index fell to an 11-week low for the week ending June 5, 2014. Activity was down in all areas for the week; it seems that the previously expected drop has finally arrived. Total dollars announced fell to $83.3m, a six-week low. Brokered dollars announced were down to $14.8m on six deals, an 11-week low; bought dollars announced fell to $4m on one deal, a two-week low. It will be interesting to see if this poor performance sets a trend as we enter summer, or whether it will be a momentary lull in what has been a surprisingly upbeat spring. 

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Summary:

  • Deals announced dropped to 27, a two-week low.
  • Six brokered deals were announced for $14.8m, an 11-week low.
  • One bought deal was announced for $4m, a two-week low.
  • Total dollars announced fell to $83.3m, a six-week low.
  • Average deal size declined to $3.1m, a three-week low.

Major Financing Openings:

  • Sunshine Oilsands Ltd. (TSX:SUO) opened a $54.24 million offering on a strategic deal basis.    
  • Quest Rare Minerals Ltd. (TSX:QRM) opened a $5 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. Each unit includes a 1/2 warrant that expires in months.
  • Nighthawk Gold Corp. (TSX-V:NHK) opened a $5 million offering underwritten by a syndicate led by Primary Capital Inc. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about June 25, 2014.
  • Balmoral Resources Ltd. (TSX:BAR) opened a $4.01 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. The deal is expected to close on or about June 20, 2014.

Major Financing Closings:

  • Artek Exploration Ltd. (TSX:RTK) closed a $43.02 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis. The deal was expected to close on or about June 3, 2014.
  • Contact Exploration Inc. (TSX-V:CEX) closed a $10.1 million offering on a best efforts basis.
  • PetroShale Inc. (TSX-V:PSH) closed a $6.5 million offering on a best efforts basis.    
  • Canadian Spirit Resources Inc. (TSX-V:SPI) closed a $5.05 million offering on a best efforts basis. The deal was expected to close on or about June 2, 2014.

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