Oreninc Index Update: March 13, 2014

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Oreninc Index Falls Marginally, Remains Strong

The Oreninc Index fell slightly, but remained strong for the week ending March 13, 2014. Total dollars announced fell to $205m, a two-week low. Brokered dollars announced fell to $161m, also a two-week low. This week stands out due to the sheer number of deals announced (47), as well as the amount of brokered deals announced (18), the latter a 68-week high. While still possibly a product of a post-PDAC fundraising binge, this type of activity in what has been a stagnant financing season is encouraging news. It will be interesting to see if this continues as we head deeper into Spring and farther away from what is historically the most active period of the financing season.

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Summary:

  • Deals announced rose to 47, a twelve-week high.
  • Eighteen brokered deals were announced for $161m, a two-week low.
  • Five bought deals were announced for $78.1m, a two-week low.
  • Total dollars announced fell to $204.9m, a two-week low.
  • Average deal size dropped to $4.5m, a two-week low.

Major Financing Openings:

  • Strategic Oil & Gas Ltd. (TSX-V:SOG) opened a $50-million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a best efforts basis. The deal is expected to close on or about March 31, 2014.
  • Fission Uranium Corp. (TSX-V:FCU) opened a $25-million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal is expected to close on or about April 1, 2014.
  • West Kirkland Mining Inc. (TSX-V:WKM) opened a $25-million offering underwritten by a syndicate led by Cormark Securities Inc. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months. The deal is expected to close on or about March 31, 2014.
  • Pilot Gold Inc. (TSX:PLG) opened a $20-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 April 2, 2014.

Major Financing Closings:

  • SilverCrest Mines Inc. (TSX-V:SVL) closed a $23.02-million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal was expected to close on or about March 13, 2014.
  • Midas Gold Corp. (TSX:MAX) closed a $12.75-million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 24 months. The deal was expected to close on or about March 7, 2014.
  • Traverse Energy Ltd. (TSX-V:TVL) closed a $11.5-million offering underwritten by a syndicate led by Acumen Capital on a bought deal basis. The deal was expected to close on or about March 12, 2014.
  • Santacruz Silver Mining Ltd. (TSX-V:SCZ) closed a $10.75-million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. The deal was expected to close on or about March 11, 2014.

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