Oreninc Index Update: March 21, 2013

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Oreninc Index Falls to Five-Week Low

The Oreninc Index fell to a five-week low for the week ending March 21, 2013.  Total deals announced was up, however average offer size was down significantly.  The largest factor was changes in brokered offerings from last week, with total brokered dollars announced just one sixth of the week before. The markets have remained very soft, which can be seen by three companies withdrawing offerings they didn’t feel could be supported.

Summary:

  • Deals announced climbed to 29, a two-week high.
  • Four brokered deals were announced, a two-week low; brokered dollars announced fell dramatically to $19 million.
  • One bought deal was announced for $5 million, a three-week low.
  • Total dollars announced dropped to $51 million, a three-week low.
  • Average deal size decreased to $1.9 million, a three-week low.

Major Financing Openings:

  • WesternZagros Resources Ltd. (TSX-V:WZR) opened a $14.29 million offering underwritten by a syndicate led by RBC Capital Markets on a best efforts basis. The deal is expected to close on or about April 4, 2013.
  • ATAC Resources Ltd. (TSX-V:ATC) opened a $12.96 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • Trevali Mining Corp. (TSX-V:TV) opened a $5 million offering underwritten by a syndicate led by Raymond James Ltd on a bought deal basis. The deal is expected to close on or about March 28, 2013.
  • Azabache Energy Inc. (TSX-V:AZA) opened a $5 million offering on a best efforts basis.

Major Financing Closings:

  • WesternZagros Resources Ltd. (TSX-V:WZR) closed a different $63.75 million offering on a best efforts basis.
  • Strategic Oil & Gas Ltd. (TSX-V:SOG) closed a $29 million offering on a best efforts basis.
  • Kilo Goldmines Ltd. (TSX-V:KGL) closed a $10 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Virginia Mines Inc. (TSX:VGQ) closed a $6.01 million offering underwritten by a syndicate led by National Bank Financial on a best efforts basis.

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