Oreninc Index Update: March 20, 2014

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Oreninc Index Crashes to Three-Month Low

The Oreninc Index fell dramatically for the week ending March 20, 2014. Total dollars announced dropped all the way to $21.5m, a YTD low. Brokered and bought dollars announced also fell, both to ten-week lows of $4m. This is the worst single week drop in performance this year. While dramatic in the size of the fall, this week’s crash isn’t particularly surprising given the distance we now have from the PDAC and the fundraising bonanza that typically surrounds the weeks bracketing it. Expect the Index to remain stagnant as companies start settling down for the spring.

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Summary:

  • Deals announced fell to 24, a five-week low.
  • One brokered deal was announced for $4m, a ten-week low.
  • One bought deal was announced for $4m, a ten-week low.
  • Total dollars announced crashed to $21.5m, a YTD low.
  • Average deal size dropped to $0.9m, an eleven-week low.

Major Financing Openings:

  • Red Eagle Mining Corporation (TSX-V:RD) opened a $5 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis. The deal is expected to close on or about April 8, 2014.
  • Cornerstone Capital Resources Inc. (TSX-V:CGP) opened a $4.01 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months. The deal is expected to close on or about April 14, 2014.
  • WCB Resources Ltd. (TSX-V:WCB) opened a $4 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • Marksmen Energy Inc. (TSX-V:MAH) opened a $2.24 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • BlackPearl Resources Inc. (TSX:PXX) closed a $70.23 million offering underwritten by a syndicate led by FirstEnergy Capital Corp. on a bought deal basis.    
  • Reservoir Minerals Inc. (TSX-V:RMC) closed a $33.01 million offering on a best efforts basis.    
  • Pretium Resources Inc. (TSX:PVG) closed a $22.73 million offering on a best efforts basis.    
  • Lithium Americas Corp. (TSX:LAC) closed an $18.55 million offering on a best efforts basis.

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