Oreninc Index Update: October 31, 2013

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Oreninc Index Falls Flat 

The Oreninc Index came back down to reality for the week ending October 31, 2013. This week’s decline is in large part due to limited broker activity, which was down to $31.7m on two deals. Total amount announced was still robust at $92m, with average deal size at $4.4m. Since we are a couple of weeks into the most active fundraising portion of the year, we remained concerned that the Index cannot stay consistent and show growth as we creep towards winter.

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Summary:

  • Announced deals tumbled to 21, a 17-week low.
  • Two brokered deals were announced for $31.7m, a two-week low.
  • One bought deal was announced for $30.2m, a two-week low.
  • Total dollars announced fell to $92m, a two-week low.
  • Average deal size dropped to $4.4m, a two-week low.

Major Financing Openings:

  • Storm Resources Ltd. (TSX-V:SRX) opened a $35.18 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 19, 2013.
  • Northern Sun Mining Corp. (TSX:MSC) opened a $30 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months. The deal is expected to close on or about November 30, 2013.
  • Range Energy Resources Inc. (CNSX:RGO) opened a $6.1 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
  • Orezone Gold Corporation (TSX:ORE) opened a $5 million offering on a best efforts basis. The deal is expected to close on or about November 13, 2013.

Major Financing Closings:

  • US Oil Sands Inc. (TSX-V:USO) closed a $81.01 million offering on a best efforts basis. The deal was expected to close on or about October 15, 2013.
  • Twin Butte Energy Ltd. (TSX:TBE) closed a $70 million offering underwritten by a syndicate led by Peters & Co. on a bought deal basis. The deal was expected to close on or about October 31, 2013.
  • NuVista Energy Ltd. (TSX:NVA) closed a $39.69 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis. The deal was expected to close on or about October 29, 2013.
  • New Zealand Energy (TSX-V:NZ) closed a $16.1 million offering on a best efforts basis. The deal was expected to close on or about September 30, 2013.

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