Oreninc Index Update: September 10, 2015

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Oreninc Index Jumps to Three-Week High

The Oreninc Index jumped to a three-week high for the holiday-shortened week ending September 10, 2015. Total dollars announced rose $25.1m, a three-week high. One brokered financing was announced for $10.9m, another three-week high; and one bought deal financing was announced for $10.9m, yet another three-week high.

The biggest deal-making news of the week came from Anglo American plc (LON:AAL) and the sale of three of their platinum mines in South Africa to gold producer Sibanye Gold Ltd. (NYSE:SBGL) for $330m. Iron ore had another strong week, reaching a 10-week high. Positive US economic news led to another down week for gold, continuing its weeks long slide.

While this jump in performance is encouraging, it will be interesting to see if this trend continues as we head into what has traditionally been a more active period of the financing year.

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 Summary:

  • Number of financings remained at 23, tied for a three-week high.
  • One brokered financing was announced for $10.9m, a three-week high.
  • One bought deal financing was announced for $10.9m, a three-week high.
  • Total dollars increased to $25.1m, a three-week high.
  • Average offer size rose to $1m, a three-week high.  

Major openings included:

  • Oban Mining Corp. (TSX:OBM) opened a $10.93 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 1, 2015.
  • Los Andes Copper Ltd. (TSX-V:LA) opened a $2.15 million offering on a best efforts basis.    
  • Equitas Resources Corp. (TSX-V:EQT) opened a $2 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 12 months.
  • Vendetta Mining Ltd. (TSX-V:VTT) opened a $1.5 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 36 months.

Major closings included:

  • Klondex Mines Ltd. (TSX:KDX) closed a $26.27 million offering underwritten by a syndicate led by GMP Securities LP on a bought deal basis.    
  • Roxgold Inc. (TSX-V:ROG) closed a $18.4 million offering on a strategic deal basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Noront Resources Ltd. (TSX-V:NOT) closed a $1.54 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Happy Creek Minerals (TSX-V:HPY) closed a $1.1 million offering on a best efforts basis.

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