Oreninc Index Update: March 28, 2013

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Oreninc Index Up Even with No Bought Deals Announced

The Oreninc Index climbed to a two-week high during the week ending March 28, 2013. Total dollars announced for the week were up, total offerings announced were down, and no new bought deals were announced for the first time since February.  The markets continue their weak journey through 2013, but on a more positive note, the average offer size for March was $4.7 million, up 67% from an average of $2.8 million in January and February.

Summary:

  • Deals announced fell to 22, a six-week low.
  • Four brokered deals were announced; brokered dollars announced climbed to $46.8 million.
  • Zero bought deals were announced, the first time since February.
  • Total dollars announced climbed to $74 million, a two-week high.
  • Average deal size bounced to $3.4 million, nearly twice that of last week’s.

Major Financing Openings:

  • Maudore Minerals Ltd. (TSX-V:MAO) opened a $25 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about April 11, 2013.
  • True North Gems Inc. (TSX-V:TGX) opened a $15.75 million offering underwritten by a syndicate led by Casimir Capital on a best efforts basis.
  • AXMIN Inc. (TSX-V:AXM) opened a $6.75 million offering on a best efforts basis.
  • Mira Resources Corp. (TSX-V:MRP.H) opened a $5 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.

Major Financing Closings:

  • Artek Exploration Ltd. (TSX:RTK) closed a $39.05 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis.
  • Falcon Oil & Gas Ltd. (TSX-V:FO) closed a $25.88 million offering on a best efforts basis.
  • Canada Lithium Corp. (TSX:CLQ) closed a $15 million offering underwritten by a syndicate led by Casimir Capital on a bought deal basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • ATAC Resources Ltd. (TSX-V:ATC) closed a $12.96 million offering on a best efforts basis.

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