Oreninc Index Update: October 24, 2013

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Oreninc Index Rises to Highest Level Since Summer

The Oreninc Index jumped to its highest level since August for the week ending October 24, 2013. This week’s jump is due to broker involvement with $191.6m announced on eight bought deals, the most money announced through bought deals since February of 2012. While the amount of money announced in brokered deals shows some life in a market that hasn’t had much, expect continued volatility until some consistency points towards light at the end of the tunnel.

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Summary:

  • Total deals rose to 28, a two-week high.
  • Eight brokered deals were announced for $191.6m, a 38-week high.
  • Eight bought deal were announced for $191.6m, an 87-week high.
  • Dollars announced rose to $212.2, a five-week high
  • Average deal size rose to $7.6m, a five-week high.

Major Financing Openings:

  • Raging River Exploration Inc. (TSX:RRX) opened a $78.4 million offering underwritten by a syndicate led by FirstEnergy Capital Corp. on a bought deal basis. The deal is expected to close on or about November 13, 2013.
  • RMP Energy Inc. (TSX:RMP) opened a $50.02 million offering underwritten by a syndicate led by GMP Securities L.P. on a bought deal basis. The deal is expected to close on or about November 13, 2013.
  • TAG Oil Ltd. (TSX:TAO) opened a $25.08 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal is expected to close on or about November 13, 2013.
  • Manitok Energy Inc. (TSX-V:MEI) opened a $24.4 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis. The deal is expected to close on or about November 8, 2013.

Major Financing Closings:

  • Fission Uranium Corp. (TSX-V:FCU) closed a $12.87 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.    
  • Kennady Diamonds Inc. (TSX-V:KDI) closed a $9 million offering on a best efforts basis.    
  • Sunridge Gold Corp. (TSX-V:SGC) closed a $5.75 million offering underwritten by a syndicate led by Tempest Capital Corp. on a best efforts basis.  Each unit includes 1 warrant that expires in 48 months.
  • Petrox Resources Corp. (TSX-V:PTC) closed a $3.31 million offering on a best efforts basis.

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