Oreninc Index Update: November 5, 2015

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Oreninc Index Stays Stable

The Oreninc Index stayed stable for the week ending November 5, 2015. Total dollars announced increased to $60.9m, a three-week high. Three brokered financings were announced for $7.1m, a two-week low; no bought deal financings were announced for the sixth time in seven weeks.

The largest deal of the week was Silver Wheaton (NYSE:SLW) acquiring a silver stream of Glencore Xstrata’s (LON:GLEN) Peruvian Antamina copper mine for $900m in cash. Gold had an awful week, falling to its lowest level since summer. Iron ore also had a rough week, almost falling to record lows.

While by no means a strong performance, the Index does appear to have somewhat stabilized at a relatively solid place. With commodity prices falling though, it would be naive to think that even this modest uptick in fortune is guaranteed to be here to stay for any significant period of time.

 

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Summary:

  • Number of financings jumped to 30, a two-week high.
  • Three brokered financings were announced for $7.1m, a two-week low.
  • No bought deal financings were announced for the sixth time in seven weeks.
  • Total dollars increased to $60.9m, a three-week high.
  • Average offer size decreased to $2.0m, a two-week low.

Major Financing Openings:

  • General Moly, Inc. (TSX:GMO) opened a combined $20 million offering on a strategic deal basis.    
  • Minemakers Limited (TSX:MAK) opened two financings for a combined $14.43 million, both on a strategic deal basis.      
  • Metanor Resources Inc. (TSX-V:MTO) opened a $4 million offering underwritten by a syndicate led by Secutor Capital Management Corp. on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Wellgreen Platinum Ltd. (TSX-V:WG) opened a $3.3 million offering on a strategic deal basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about November 10, 2015.

Major Financing Closings:

  • Sandstorm Gold Ltd. (TSX-V:SSL) closed a $37.68 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis. Each unit includes a 1/2 warrant that expires in 60 months.
  • Kaminak Gold Corp. (TSX-V:KAM) closed a $22.5 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Seabridge Gold Inc. (TSX:SEA) closed a $14.58 million offering on a insiders only basis.    ·  
  • Renaissance Oil Corp. (TSX-V:ROE) closed a $10.69 million offering underwritten by a syndicate led by Haywood Securities Inc. on a best efforts basis.

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