Oreninc Index Update: October 3, 2013

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Oreninc Index Remains Flat

The Oreninc Index remained flat for the week ending October 3, 2013. Total dollars fell to $79.8m, with an average deal size of $2.4m. Even with the drop in total dollars, broker activity increased sharply to $60.5m on four deals. After a summer of wild fluctuation, this period of relative consistency is a mild surprise. It’s hard to imagine it sticking around, with 2013’s trademark volatility likely to return before we enter back into any sort of real stability.

Summary:

  • Total deals rose to 42, a one-week low.
  • Four brokered deals were announced for $60.5m, a two-week high.
  • One bought deal was announced for $10m, a one-week high.
  • Dollars announced fell to $79.8m, a three-week low.
  • Average deal size fell to $3.6m, a three-week low.

Major Financing Openings:

  • Pine Cliff Energy Ltd. (TSX-V:PNE) opened a $20.02 million offering underwritten by a syndicate led by Paradigm Capital Inc. on a best efforts basis. The deal is expected to close on or about October 17, 2013.
  • Klondex Mines Ltd. (TSX:KDX) opened a $19.45 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. The deal is expected to close on or about October 16, 2013.
  • Aureus Mining Inc. (TSX:AUE) opened a $16.51 million offering underwritten by a syndicate led by GMP Securities on a best efforts basis. The deal is expected to close on or about October 10, 2013.
  • Fission Uranium Corp. (TSX-V:FCU) opened an $11.25 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 October 24, 2013.

Major Financing Closings:

  • Rare Element Resources Ltd. (TSX-V:RES) closed an $8.24 million offering underwritten by a syndicate led by H.C. Wainwright & Co., LLC on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months. The deal was expected to close on or about September 27, 2013.
  • GoGold Resources Inc. (TSX-V:GGD) closed a $5.18 million offering on a strategic deal basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Petroforte International Ltd. (TSX-V:PFI) closed a $3.81 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Kimber Resources Inc. (TSX:KBR) closed a $2 million offering on a strategic deal basis. The deal was expected to close on or about October 2, 2013.

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