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ORENINC INDEX higher as number of smaller deals surge

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ORENINC INDEX higher as number of smaller deals surge

 

 

 

 

 

 

ORENINC INDEX – Monday, December 13th 2021

 

North America’s leading junior mining finance data provider

 

Last Week: 57.71

 

This week: 80.15

 

The Oreninc Index increased in the trading week ending December 10th, 2021 to 80.15 from 57.71 a week ago as the number of deals doubles but the average offer size decreases.

 

On to the money: the aggregate financings announced decreased to $114 million, a 3-week high, with 8 new brokered financings and 1 new bought-deal financings announced. The average offer size decreased to $1.9 million, a 17-week low, and the number of financings increased to 60.

 

Gold closed the week up at $1,784/oz from $1,785/oz a week ago. The US dollar index closed down at 96.10 from 96.15 a week ago.

 

The widely followed junior mining index, the VanEck managed GDXJ, closed the week down at $40.57 from $40.59 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 242.04 from 245.90 last week. The SPDR GLD ETF inventory closed the week higher at 982.64 tonnes, or 31.59 million ounces, from 984.38 tonnes last week.

 

In other commodities, Silver closed the week lower at $22.16/oz from $22.41/oz a week ago. Copper closed higher at $4.28/lb from $4.26/lb a week ago. Oil went higher as WTI closed higher at $71.67 a barrel from $66.26 a barrel a week ago.

 

The Dow Jones Industrial Average closed higher at 35,971 from 34,579 a week ago. Canada’s S&P/TSX Composite Index closed higher at 20,890 from 20,633 the previous week. The S&P/TSX Venture Composite Index closed lower at 908.99 from 897.13 a week ago.

 

Summary:

  • Number of financings increased to 60.
  • Eight brokered financing were announced this week for $30m, a 2-week low.
  • One bought-deal financing was announced this week for $14m, a 3-week high.
  • Total dollars increased to $114m, a 3-week high.
  • Average offer decreased to $1.9m, a 17-week low.

 

Major Financing Openings:

  • Rhyolite Resources Ltd. (TSX-V:RYE) opened a $18 million offering on a best efforts basis.    The deal is expected to close on or about December 21, 2021.
  • Search Minerals Inc. (TSX-V:SMY) opened a $15 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 24 months.
  • Brixton Metals Corp. (TSX-V:BBB) opened a $10 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 36 months.
  • Pasofino Gold Ltd. (TSX-V:VEIN) opened a $6.95 million offering on a best efforts basis.

 

Major Financing Closings:

  • Benchmark Metals Inc. (TSX-V:BNCH) closed a $40.27 million offering underwritten by a syndicate led by PI Financial Corp. on a bought deal basis.  Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about December 9, 2021.
  • Global Atomic Corp. (TSX-V:GLO) closed a $35 million offering underwritten by a syndicate led by Red Cloud Securities Inc. on a bought deal basis.  Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about December 7, 2021.
  • Critical Elements Lithium Corp. (TSX-V:CRE) closed a $30.02 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada Corp. on a bought deal basis.  Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about November 25, 2021.
  • Giyani Metals Corp. (TSX-V:EMM) closed a $11.5 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis. The deal is expected to close on or about November 30, 2021.

 

Posted December 14, 2021

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