Oreninc Index Update: March 14, 2013

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Announced Natural Resources Dollars Reaches YTD High

The Canadian natural resources financing market saw the most weekly money announced in 2013 for the week ending March 14, 2013.  The Index also reached a three-week high.  The total number of deals announced was down; however, average offer size was up significantly along with a dramatic increase in brokered offerings announced.

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Summary:

  • Deals announced fell to 26, a four-week low.
  • Seven brokered deals were announced, a six-week high; brokered dollars announced increased to $123 million.
  • Three bought deals were announced for $96 million, a six-week high.
  • Total dollars announced jumped to $270 million, the most since November 2012.
  • Average deal size increased to $3.4 million, the highest since May 2012.

Major Financing Openings:

  • Kelt Exploration Ltd. (TSX:KEL) opened a $94.35 million offering underwritten by a syndicate led by Peters & Co. on a bought deal basis. The deal is expected to close on or about April 5, 2013.
  • WesternZagros Resources Ltd. (TSX-V:WZR) opened a $63.75 million offering on a best efforts basis. The deal was expected to close on or about March 18, 2013.
  • Artek Exploration Ltd. (TSX:RTK) opened a $39 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about March 28, 2013.
  • Terrace Energy Corp. (TSX-V:TZR) opened a $30 million offering on a best efforts basis.

Major Financing Closings:

  • Sterling Resources Ltd. (TSX-V:SLG) closed a $63.25 million offering underwritten by a syndicate led by Casimir Capital on a bought deal basis.
  • Panoro Minerals Ltd. (TSX-V:PML) closed a $15.02 million offering underwritten by a syndicate led by Cannacord Genuity on a bought deal basis.
  • Euromax Resources Ltd. (TSX-V:EOX) closed an $8 million offering on a best efforts basis.
  • Largo Resources Ltd. (TSX-V:LGO) closed a $6.38 million offering on a best efforts basis.

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