Oreninc Index Update: May 16, 2013

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Oreninc Index Falls for Two Consecutive Weeks

Note: The Oreninc index image below has changed since indexes before May 2013. The weekly state of the market is now the purple line and the 5-week moving average is the grey area.

The Oreninc Index has returned following a one-week hiatus as most of the team traveled to New York City for the Metals & Minerals Investment Conference. Welcome to all of the new subscribers!

The Index fell for two consecutive weeks ending May 9 and May 16, 2013, changing the five-week moving average to its lowest in 2013 and its lowest level since August 2012. The markets remain incredibly soft and as summer and the Canadian exploration season begins, there is no reason to expect a stunning turnaround in the short term.

 

Summary (for the week ending May 16 only):

  • Total deals announced fell to 23, a four-week low.
  • Two brokered deals were announced for $18 million.
  • One bought deal was announced for $15 million.
  • Total dollars announced was $64 million, a two-week high.
  • Average deal size moved to $4.1 million, a two-week high.

Major Financing Openings (for the weeks ending May 9th and 16th):

  • Probe Mines Ltd. (TSX-V:PRB) opened a $15 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about May 28, 2013.
  • Denison Mines Corp. (TSX:DML) opened a $13 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 May 28, 2013.
  • St. Augustine Gold and Copper Limited (TSX:SAU) opened an $11 million offering on a best efforts basis.
  • Armadillo Resources Ltd. (CNSX:ARO) opened a $10 million offering on a best efforts basis.

Major Financing Closings (for the weeks ending May 9th and 16th):

  • Whitecap Resources Inc. (TSX:WCP) closed a $20 million offering on a best efforts basis. The deal is expected to close on or about May 16, 2013.
  • True Gold Mining Inc. (TSX-V:TGM) closed a $10 million offering on a best efforts basis.
  • Curis Resources Ltd. (TSX:CUV) closed a $6 million offering on a best efforts basis.
  • Ucore Rare Metals Inc. (TSX-V:UCU) closed a $5 million offering underwritten by a syndicate led by Byron Capital Markets on a best efforts basis.

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