Oreninc Index Update: October 1, 2015

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Oreninc Index Jumps to Two-Week High

The Oreninc Index jumped to a two-week high for the week ending October 1, 2015. Total dollars announced increased to $50.8m, a two-week high. One brokered deal was announced for $10m, a two-week high; no bought deal financings were announced for the second straight week. 

Deal making picked up for the week, with OceanaGold (TSX:OGC) agreeing to purchase Romarco Minerals Inc (TSX:R) for CAD$856m worth of stock the biggest news of the week. Industrial commodities continued their pounding with copper and zinc both hitting six and five-year lows respectively at points during the week. 

It appears the slump that hit the natural resource financing market during the summer has continued into the fall. On the brightside, significant deals happening in the industry is a positive, and shows that companies are actively trying to create shareholder value in the space as a whole.

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Summary:

  • Number of financings dropped to 25, a two-week low.
  • One brokered financings was announced for $10m, a two-week high.
  • No bought deal financings were announced for the second time in two weeks.
  • Total dollars jumped to $50.8m, a two-week high.
  • Average offer size increased to $2m, a two-week high.  

Major Financing Openings:

  • Kaminak Gold Corp. (TSX-V:KAM) opened a $22.5 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Renaissance Oil Corp. (TSX-V:ROE) opened a $10 million offering underwritten by a syndicate led by Haywood Securities Inc. on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about October 5, 2015.
  • GoviEx Uranium Inc. (CSE:GXU) opened a $3 million offering on a strategic deal basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about September 16, 2015.
  • Silver Spruce Resources Inc. (TSX-V:SSE) opened a $2 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Oban Mining Corp. (TSX:OBM) closed a $13.06 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.    
  • Graphite One Resources Inc. (TSX-V:GPH) closed a $1.36 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Lupaka Gold Corp. (TSX-V:LPK) closed a $0.6 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Maya Gold & Silver Inc. (TSX-V:MYA) closed a $0.4 million offering underwritten by a syndicate led by Jacob Securities Inc. on a best efforts basis. 

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