Oreninc Index Update: May 29, 2014

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Oreninc Index Bounces Back 

The Oreninc Index jumped up for the week ending May 29, 2014. Given the Memorial Day holiday in the United States, the increase was somewhat unexpected. Total dollars announced jumped to $162m, a three-week high. Brokered activity was also up to $84.5m on four deals, a three-week high; two bought deals were announced at $77m, a three-week high. Average deal size continued its climb to $4.9m, a 12-week high. It’s good to see some real cash floating around during a time when financings tend to wind down as juniors gear up for their summer programs. This week continues to underscore the theme of Spring 2014: not great, but better than last year.

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Summary:

  • Deals announced rose to 33, a two-week high.
  • Four brokered deals were announced for $84.5m, a three-week high.
  • Two bought deals were announced for $77m, a three-week high.
  • Total dollars announced jumped to $162m, a three-week high.
  • Average deal size rose to $4.9m, a twelve-week high.

Major Financing Openings:

  • Madalena Energy Inc. (TSX-V:MVN) opened a $50 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal is expected to close on or about June 24, 2014.
  • Mountain Province Diamonds Inc. (TSX:MPV) opened a $35 million offering on a best efforts basis. The deal is expected to close on or about June 12, 2014.
  • Midway Gold Corp. (TSX-V:MDW) opened a $27 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis. The deal is expected to close on or about June 6, 2014.
  • Canadian Spirit Resources Inc. (TSX-V:SPI) opened a $13 million offering on a best efforts basis. The deal is expected to close on or about June 2, 2014.

Major Financing Closings:

  • DeeThree Exploration Ltd. (TSX:DTX) closed a $73.43 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis.    
  • Orbite Aluminae Inc. (TSX:ORT) closed a $10 million offering on a strategic deal basis. Each unit includes a 1/2 warrant that expires in 36 months.
  • North American Nickel Inc. (TSX-V:NAN) closed a $9.38 million offering on a best efforts basis. 
  • Redstar Gold Corp. (TSX-V:RGC) closed a $3.31 million offering on a best efforts basis.

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