The Oreninc Index returned to reality for the week ending February 19, 2015. Total dollars announced dropped to $38.2m, a two-week low. Two brokered and bought deal financings were announced for $21m, six- and two-week low respectively.
Deal-making for the week continued, albeit on a lower level, with Timmins Gold Corp.’s (TSX:TMM) acquisition of Newstrike Capital Inc. (TSX-V:NES) in an all-stock deal worth $140m. The deal will create a Mexican-focused gold producer, with Timmins shareholders owning around 63% of the company post-deal and Newstrike owning the remaining 37%. Gold prices for the week crashed below $1,200 for the first time since the beginning of the year.
It’s never great to see such depressed numbers after a week as strong as last, though the fact that it came in a holiday-shortened week makes it easier to swallow. We’ll see if the PDAC has any lifting effect as companies try to build excitement leading into the annual meeting of the industry.
Major Financing Openings:
Major Financing Closings:
Oreninc also publishes the Oreninc Deal Log, a daily list of all financing activity in the TSX, TSX-V and CSE 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.
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