Oreninc Index Update: September 26, 2013

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Oreninc Index Remains Stagnant

The Oreninc Index held steady for the week ending September 26, 2013. While total dollars fell to $149.2m, it marks the first time since January that two consecutive weeks have had over $100m announced. Broker activity dropped to $23.5m announced on three deals. This week continues the trend of one major deal bolstering the Index and accounting for a lot of its performance. Even so, the fact that two consecutive weeks have performed well shows us some consistency that has been lacking in recent memory.

Summary:

  • Total deals rose to 42, a three-week high.
  • Three brokered deals were announced for $23.5m, a one-week low.
  • One bought deal was announced for $5m, a two-week low.
  • Dollars announced to $149.2m, a one-week low.
  • Average deal size fell to $3.6m.

Major Financing Openings:

  • Ivanhoe Mines Ltd. (TSX:IVN) opened a $100 million offering on a best efforts basis.    
  • NioCorp Developments Ltd. (TSX-V:NB) opened a $10.3 million offering underwritten by a syndicate led by Northland Securities Inc. on a best efforts basis.    
  • Rare Element Resources Ltd. (TSX-V:RES) opened a $8.23 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 is expected to close on or about September 27, 2013.
  • Energy Fuels Inc. (TSX:EFR) opened a $5 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 16, 2013.

Major Financing Closings:

  • Strategic Oil & Gas Ltd. (TSX-V:SOG) closed a $19.19 million offering on a strategic deal basis. The deal was expected to close on or about October 7, 2013.
  • Atna Resources Ltd. (TSX:ATN) closed a $5.82 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 September 24, 2013.
  • Northern Vertex Mining Corp. (TSX-V:NEE) closed a $3.4 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 15 months.
  • Kaminak Gold Corp. (TSX-V:KAM) closed a $2.9 million offering underwritten by a syndicate led by Raymond James Ltd. on a bought deal basis. The deal was expected to close on or about September 24, 2013.

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