Oreninc Index Update: November 14, 2013

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Oreninc Index Boasts Most Brokered Deals YTD

The Oreninc Index five-week moving average rose to a 10-week high for the week ending November 14, 2013. This week’s performance leans heavily on broker involvement, with $163.6m announced on 13 deals, which is impressive if only for the sheer amount of deals announced — the most in 51 weeks. Total dollars announced rose $215.2m on 30 deals; while less than last week, it is the third week of the last four that has had over $200m announced. While expectations should still be tempered, this amount of brokered deals mixed with a couple of high-dollar announcement weeks provides, at least, some momentary hope. 

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Summary:

  • Announced deals fell to 30, a two-week low.
  • Thirteen brokered deals were announced for $163.6m, a two-week low.
  • Eight bought deals were announced for $157.1m, a two-week low.
  • Total dollars announced fell to $215.2m, a two-week low.
  • Average deal size rose to $7.2m, a three-week high.

Major Financing Openings:

  • NuVista Energy Ltd. (TSX:NVA) opened a $78.1 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 December 3, 2013.
  • Copper Mountain Mining Corporation (TSX:CUM) opened a $30.09 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis. The deal is expected to close on or about December 3, 2013.
  • Mountain Province Diamonds (TSX:MPV) opened a $25 million offering on a best efforts basis. The deal is expected to close on or about November 22, 2013.
  • Seabridge Gold Inc. (TSX:SEA) opened a $16.76 million offering underwritten by a syndicate led by Stonecap Securities Inc. on a bought deal basis. The deal is expected to close on or about December 10, 2013.

Major Financing Closings:

  • Raging River Exploration Inc. (TSX:RRX) closed a $78.4 million offering underwritten by a syndicate led by FirstEnergy Capital Corp. on a bought deal basis. The deal was expected to close on or about November 13, 2013.
  • RMP Energy Inc. (TSX:RMP) closed a $50.02 million offering underwritten by a syndicate led by GMP Securities L.P. on a bought deal basis. The deal was expected to close on or about November 13, 2013.
  • Romarco Minerals Inc. (TSX:R) closed a $25.09 million offering on a best efforts basis. The deal was expected to close on or about November 13, 2013.
  • TAG Oil Ltd. (TSX:TAO) closed a $25.08 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal was expected to close on or about November 13, 2013.

 

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