Oreninc Index Update: November 21, 2013

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Oreninc Index Drops Marginally, Remains Strong

The Oreninc Index dropped slightly for the week ending November 21, 2013. While this week was lower than last, the financing Index remained strong, with the five-week moving average moving to its highest level since January 3rd of this year. A total of $125m was announced for the week, $82.22m of that brokered. Even though a less active Index next week should be expected due to the US Thanksgiving holiday, it appears that the mercury is rising on the financing market as we move closer to the colder months.

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Summary:

  • Deals announced climbed to 40, a two-week high.
  • Seven brokered deals were announced for $82.2m, a three-week low.
  • Three bought deals were announced for $39.2m, a three-week low.
  • Total dollars announced dropped to $125m, a two-week low.
  • Average deal size decreased to $3.3m, a four-week low.

Major Financing Openings:

  • DeeThree Exploration Ltd. (TSX:DTX) opened a $35.15 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 December 6, 2013.
  • Energizer Resources Inc. (TSX-V:EGZ) opened a $8 million offering underwritten by a syndicate led by Broker 1 on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about December 3, 2013.
  • Curis Resources Ltd. (TSX:CUV) opened a $7 million offering on a strategic deal basis. The deal is expected to close on or about January 2, 2014.
  • Gran Colombia Gold Corp. (TSX:GCM) opened a $7 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 60 months. 

Major Financing Closings:

  • Storm Resources Ltd. (TSX-V:SRX) closed a $33.84 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 19, 2013.
  • Questerre Energy Corporation (TSX:QEC) closed a $30.07 million offering underwritten by a syndicate led by Pareto Securities AS on a best efforts basis.
  • Petaquilla Minerals Ltd. (TSX:PTQ) closed a $5 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 60 months.
  • AQM Copper Inc. (TSX-V:AQM) closed a $3.68 million offering on a best efforts basis. The deal was expected to close on or about October 31, 2013.

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