Oreninc Index Update: September 3, 2015

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Oreninc Index Rises Slightly

The Oreninc Index rose slightly for the week ending September 3, 2015. Total dollars jumped to $19.3m, a two-week high. One brokered financing was announced for $1m, also a two-week high; no bought deal financings were announced for the tenth time in the last 11 weeks.

The most notable deal making news of the week came from Vale (NYSE:VALE) as they completed a 36.4% stake sale of their iron ore based subsidiary Minerações Brasileiras Reunida for $1.08bn. Gold ended down for the week on the back of positive US job numbers. Iron ore had another surprisingly good week, up more than 20% from the record lows hit over the summer.

This week’s numbers, while an improvement, are still quite disappointing. Now that August is officially over, we will be able to get a better indication in the coming weeks of where the financing market stands and whether companies will be able to raise funds this fall.

 

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 Summary:

  • Number of financings increased to 23, a two-week high.
  • One brokered financing was announced for $1m, a two-week high.
  • No bought deal financings were announced for the tenth time in the last 11 weeks.
  • Total dollars jumped to $19.3m, a two-week high.
  • Average offer size rose to $1m, a two-week high.  

Major openings included:

  • AuRico Metals Inc. (TSX:AMI) opened a $5.6 million offering on a strategic deal basis.
  • Perisson Petroleum Corporation (CSE:POG) opened a $2.1 million offering on a best efforts basis.    
  • Corvus Gold Inc. (TSX:KOR) opened and closed a $2 million offering on a strategic deal basis.    
  • Prophecy Development Corp. (TSX:PCY) opened a $2 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.

Major closings included:

  • Africa Oil Corp (TSX:AOI) closed a $65.46 million offering on a strategic deal basis.
  • Northern Spirit Resources Inc. (TSX-V:NS) closed a $20.94 million offering on a best efforts basis.
  • Integra Gold Corp. (TSX-V:ICG) closed a $14.58 million offering on a best efforts basis.
  • Northern Dynasty Minerals Ltd. (TSX:NDM) closed a $10.12 million offering on a best efforts basis.

 

 

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