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Oreninc Index Falls to Worst Week Since January

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Oreninc Index Falls to Worst Week Since January

 

 

 

 

 

The Oreninc Index fell to its lowest level since January for the week ending August 14, 2014. Total dollars raised fell to $35.8m, an eight-week low. No brokered or bought deals were announced, 33-week and four-week lows respectively. Obviously, returning to a full five-day trading week did not increase activity or inspire any real movement in the space.

 

Deals were light; among them was Anglo’s deal with Redhawk Resources, giving Anglo the right to buy into Redhawk’s Copper Creek project on one of the lone deals involving the majors this week. Still, with copper prices dropping to an eight-week low, this is probably a week the industry would like to forget.

 

 

 

 

Summary:

 

  • Deals announced dropped to 19, a 31-week low.
  • No brokered deals were announced, a 33-week low.
  • No bought deals were announced, a four-week low.
  • Total dollars fell to $35.8m, an eight-week low.
  • Average deal size decreased to $1.9m, a two-week low.

 

 

Major Financing Openings:

 

  • Excelsior Mining Corp. (TSX-V:MIN) opened a $10.99 million offering on a strategic deal basis.    
  • Rathdowney Resources Ltd. (TSX-V:RTH) opened a $6.96 million offering on a best efforts basis.    
  • Pretium Resources Inc. (TSX:PVG) opened a $3.92 million offering on a strategic deal basis. The deal is expected to close on or about August 22, 2014.
  • Forsys Metals Corp. (TSX:FSY) opened a $3.2 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about August 15, 2014.

 

 

Major Financing Closings:

 

  • Denison Mines Corp. (TSX:DML) closed a $15 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.    
  • Homestake Resource Corporation (TSX-V:HSR) closed a $0.84 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
  • Goldspike Exploration Inc. (TSX-V:GSE) closed a $0.5 million offering on a strategic deal basis.    
  • GMV Minerals Inc. (TSX-V:GMV) closed a $0.36 million offering on a best efforts basis.

 

 

 

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.

 

Posted August 19, 2014

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