Oreninc Index Update: November 20, 2014

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Oreninc Index Stumbles

The Oreninc Index stumbled for the week ending November 20, 2014. Total dollars fell to $60.3m, a two-week low. One bought deal was announced for $15.1m and was also the only brokered deal, two-week lows for both categories.

By far the biggest deal of the week was Osisko Gold Royalties Ltd.’s (TSX:OR) acquisition of Virginia Mines Inc. (TSX:VGQ) for $479m. The all-stock deal combines two companies that are focused on gold royalties in Quebec. Metal prices for the week were positive, with gold having a fantastic week, almost reaching $1,200/oz. Nickel also had a price increase, reaching its highest this month on news the Indonesian government would continue their ban on unprocessed ore. Nothing changed for iron ore, as the metal continued its horrific slide downwards for 2014.

While not as bad as many weeks this autumn, one hopes something would have been built off of last week’s increased performance. Due to the US Thanksgiving Holiday this Thursday, the release of the November 27th Index will be delayed until Tuesday, December 2nd.

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Summary:

  • Deals dropped to 34, a two-week low.
  • One brokered deal was announced for $15.1m, a two-week low.
  • One bought deal was announced for $15.1m, a two-week low.
  • Total dollars fell to $60.3m, a two-week low.
  • Average deal size decreased to $1.8m, a two-week low.

Major Financing Openings:

  • Crown Point Energy Inc. (TSX-V:CWV) opened a $17.03 million strategic deal.    
  • Lake Shore Gold Corp. (TSX:LSG) opened a $15.09 million offering underwritten by a syndicate led by TD Securities Inc. on a bought deal basis. The deal is expected to close on or about December 3, 2014.
  • Wellgreen Platinum Ltd. (TSX-V:WG) opened a $9.07 million offering on a best efforts basis.    
  • IMX Resources (TSX:IXR) opened a $3 million offering on a best efforts basis. The deal is expected to close on or about December 4, 2014.

Major Financing Closings:

  • Carlisle Goldfields Limited (TSX:CGJ) closed a $5.65 million offering on a strategic deal basis.    
  • Klondike Gold Corp. (TSX-V:KG) closed a $2.35 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Nemaska Lithium Inc. (TSX-V:NMX) closed a $1.54 million offering underwritten by a syndicate led by Secutor Capital Management on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months.
  • Murchison Minerals Ltd. (CSE:MUR) closed a $0.8 million offering on a best efforts basis.

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