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Oreninc Index Comes Back Down to Earth

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Oreninc Index Comes Back Down to Earth

 

 

Coming off the heels of one of its best weeks YTD, the Oreninc Index dropped off significantly for the week ending August 15, 2013. The week was highlighted by more overall deals, but with only 25% of the total money announced. Underscoring the drop were zero bought deals and only two brokered deals announced, off from 28-week highs for both last week. On a positive note, the five-week moving average was up slightly, indicating that the market as a whole is trending in the right direction as we move out of summer.

 

 

 

 

 

 

 

 

Summary:

 

  • Total deals announced climbed to 35, a seven-week high.
  • Two brokered deals were announced for $10.7m, a two-week low.
  • No bought deals were announced, a five-week low.
  • Dollars announced rose to $51m, a two-week low.
  • Average deal size climbed to $1.5m, a two-week low.

 

 

Major Financing Openings:

 

  • Atico Mining Corp. (TSX-V:ATY) opened a $12.06 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about September 10, 2013.
  • Anterra Energy (TSX-V:AE.A) opened a $7 million offering on a strategic deal basis. The deal is expected to close on or about October 31, 2013.
  • Gold Reserve Inc. (TSX-V:GRZ) opened a $5.42 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • U.S. Silver & Gold Inc. (TSX:USA) opened a $5 million offering 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 August 22, 2013.

 

 

Major Financing Closings:

 

  • Argent Energy Trust (TSX:AET.UN) closed a $83.23 million offering underwritten by a syndicate led by Scotiabank on a bought deal basis.
  • Paladin Energy Ltd. (TSX:PDN) closed a $81.63 million offering underwritten by a syndicate led by UBS AG on a best efforts basis.    
  • Colossus Minerals Inc. (TSX:CSI) closed a $37.95 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
  • Eagle Hill Exploration Corp. (TSX-V:EAG) closed a $12 million offering on a strategic deal basis.

 

 

 

 

 

Oreninc also publishes the Oreninc Deal Log, a daily list of all financing activity in the TSX resource sectors. Visit http://oreninc.com to see which companies and sectors to watch. Oreninc also writes custom reports for companies on effective capital raising strategies to help companies maintain long-term shareholder value.

Posted August 21, 2013

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