Oreninc Index Update: March 7, 2013

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Oreninc Index Back Down

The Index is back down after a one-week hiatus while the Oreninc Team was in Toronto at PDAC.  During the conference, our Managing Director Benjamin Cox presented on the “Capital Markets Crisis of 2013” at PDAC’s Annual General Meeting, which can be downloaded below.

Following a rosier market during the week ending February 21st, the two most recent weeks, ending February 28th and March 7th, were considerably weaker.  The two faltered in different ways.  The week ending February 28th had an increase in total deals opened, however average deal size and total dollars announced fell significantly. In contrast, the week ending March 7 had the most brokered offerings announced since January, but total number of offerings was down.  The tumultuous market seems to be heading with us into spring.

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Summary (Week Ending March 7th):

  • Deals announced fell to 28, a three-week low.
  • Three brokered deals were announced, a five-week high; brokered dollars announced fell to $27 million.
  • One bought deal was announced.
  • Total dollars announced moved to $95 million, a two-week high.
  • Average deal size increased to $3.4 million, a two-week high.

Major Financing Openings (Weeks Ending February 28th & March 7th):

  • Canada Lithium Corp. (TSX:CLQ) opened a $13 million offering underwritten by a syndicate led by Casimir Capital on a bought deal basis. The deal is expected to close on or about March 25, 2013.
  • CBM Asia Development Corp. (TSX-V:TCF) opened a $15 million offering on a best efforts basis. The deal is expected to close on or about March 29, 2013.
  • Strategic Oil & Gas Ltd. (TSX-V:SOG) opened a $15 million offering on a best efforts basis.
  • Patagonia Gold Plc (TSX:PAT) opened a $9.48 million offering on a best efforts basis.

Major Financing Closings (Weeks Ending February 28th & March 7th):

  • Karnalyte Resources Inc. (TSX:KRN) closed a $44.7 million offering on a best efforts basis.
  • Dunav Resources Ltd. (TSX-V:DNV) closed a $16.827 million offering underwritten by a syndicate led by Dundee Securities on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Entree Gold Inc. (TSX:ETG) closed a $10 million offering on a best efforts basis.
  • Coventry Resources Inc (TSX-V:CYY) closed a $6 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis.

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