Oreninc Index Update: March 5, 2015

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Oreninc Index Drops to Eight-Week Low

The Oreninc Index fell to an eight-week low for the week ending March 5, 2015, while total dollars announced jumped to $62.4m, a three-week high. Two brokered financings were announced for $17m, a two-week high. No bought deal financings were announced for the second time in as many weeks.

No major deals were announced for the week, with reports that Barrick Gold (TSX:ABX) will try to sell their Cowal and Porgera mines, which are respectively located in Australia and Papua New Guinea. Commodities had a rough week, with gold dipping back down below $1,200 and iron ore also falling a significant amount.

It appears that investors are still having trouble reaching far enough into their pockets for there to be any real improvement in this season’s fundraising market. 

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Summary:

  • Number of financings dropped to 21, a two-week low.
  • Two brokered financings were announced for $17m, a two-week high.
  • No bought deal financings were announced for the second time in as many weeks.
  • Total dollars jumped to $62.4m, a three-week high.
  • Average offer size increased to $3m, a three-week high.

Major Financing Openings:

  • Mawson West Limited (TSX:MWE) opened and closed a $21.6 million offering on a strategic deal basis.    
  • Rockwell Diamonds Inc. (TSX:RDI) opened a $15 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a best efforts basis. Each unit includes 1 warrant that expires in months.
  • Clifton Star Resources Inc. (TSX-V:CFO) opened a $5.73 million offering on a strategic deal basis.
  • Corvus Gold Inc. (TSX:KOR) opened and closed a $4.5 million offering on a best efforts basis.    

Major Financing Closings:

  • SEMAFO Inc. (TSX:SMF) closed a $57.87 million offering underwritten by a syndicate led by Clarus Securities Inc. on a bought deal basis.
  • Pure Gold Mining Inc. (TSX-V:PGM) closed a $5.74 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.    
  • Eco Oro Minerals Corp. (TSX:EOM) closed a $2.77 million offering on a best efforts basis.    
  • Nemaska Lithium Inc. (TSX-V:NMX) closed a $2 million offering on a best efforts basis.

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