Oreninc Index Update: May 15, 2014

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Index Moving Average Climbs for Fourth Week

Despite the weekly state of the market falling, the five-week moving average increased for the fourth straight week, the first time since late February, for the week ending May 15th, 2014. Unfortunately, dollars raised in both brokered and non-brokered offerings was down this week, which will likely be the case over the next two weeks due to Victoria Day (yesterday) and Memorial Day next Monday in the United States.

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Summary:

  • Deals announced fell to 35, a two-week low.
  • Five brokered deals were announced for $63.7m, a three-week low.
  • Two bought deals were announced for $43.0m, a two-week low.
  • Total dollars announced fell to $85.8m, a three-week low.
  • Average deal size nearly halved to $2.4m, a three-week low.

Major Financing Openings:

  • Artek Exploration Ltd. (TSX:RTK) opened a $43.02 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis. The deal is expected to close on or about June 3, 2014.
  • Tethys Petroleum Ltd. (TSX:TPL) opened a $16.12 million offering underwritten by a syndicate led by FirstEnergy Capital on a best efforts basis.
  • Redstar Gold Corp. (TSX-V:RGC) opened a $3.31 million offering  on a best efforts basis. Each unit includes 1 warrant that expires in 12 months.
  • Metanor Resources Inc. (TSX-V:MTO) opened a $4.57 million offering underwritten by a syndicate led by Secutor Capital Management on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.

Major Financing Closings:

  • Altius Minerals Corporation (TSX:ALS) closed a $65 million offering underwritten by a syndicate led by Scotia Capital Inc. on a best efforts basis.
  • Yangarra Resources Ltd. (TSX-V:YGR) closed a $27.5 million offering underwritten by a syndicate led by AltaCorp Capital Inc. on a bought deal basis.
  • Canamax Energy Ltd. (TSX-V:CAC) closed a $13.03 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Hemisphere Energy Corp. (TSX-V:HME) closed a $10 million offering underwritten by a syndicate led by Canaccord Genuity Corp on a bought deal basis.

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