Oreninc Index Update: October 17, 2013

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Oreninc Index Falls to YTD Low

The Oreninc Index fell to a YTD low for the week ending October 17, 2013. This was mostly due to dollars announced being a YTD low of $20.4m and brokered deals announced being a 40-week low of $2.5m off of one deal. While most of this week’s numbers are discouraging, the five-week moving average and average deal size are only at three- and five-week lows, respectively. After a month of relative consistency, this week’s performance is jarring, if not surprising.

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Summary:

  • Total deals fell to 21, a 15-week low.
  • One brokered deal was announced for $2.4m, a 40-week low.
  • No bought deals were announced, a nine-week low.
  • Dollars announced fell to $20.4m, a YTD low.
  • Average deal size fell to $0.97m, a five-week low.

Major Financing Openings:

  • AQM Copper Inc. (TSX-V:AQM) opened a $4 million offering on a best efforts basis. The deal is expected to close on or about October 31, 2013.
  • Sonoro Energy Ltd. (TSX-V:SNV) opened a $2.6 million offering on a best efforts basis. 
  • Nemaska Lithium Inc. (TSX-V:NMX) opened a $2.5 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 24 months. The deal is expected to close on or about October 28, 2013.
  • Metalex Ventures Ltd. (TSX-V:MTX) opened a $1.7 million offering on an insiders only basis.    

Major Financing Closings:

  • Sulliden Gold Corporation (TSX:SUE) closed a $40.09 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis. The deal was expected to close on or about October 11, 2013.
  • Pine Cliff Energy Ltd. (TSX-V:PNE) closed a $20.02 million offering underwritten by a syndicate led by Paradigm Capital Inc. on a best efforts basis. The deal was expected to close on or about October 17, 2013.
  • Klondex Mines Ltd. (TSX:KDX) closed a $19.45 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. The deal was expected to close on or about October 16, 2013.
  • Energy Fuels Inc. (TSX:EFR) closed a $5 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 October 16, 2013.

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