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Oreninc Index Reaches Highest Level Since October

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Oreninc Index Reaches Highest Level Since October

 

 

 

 

 

The Oreninc Index reached its highest level since October for the week ending February 12, 2015. Total dollars announced exploded to $221.6m, a 17-week high. Six brokered deals were announced for $165.7m, a 48-week high; five bought deals were announced for $156.6m, a 49-week high.

 

 

 

Deal-making increased for the week with Tahoe Resources Inc (NYSE:TAHO) and Rio Alto Mining Ltd.’s (TSX:RIO) announcement that they will merge to form a new precious metals major. The deal will leave Tahoe and Rio shareholders with roughly 65% and 35% of the company, respectively. Gold prices slid to below $1,220 for the first time since early January on news that the US employment climate continues to improve.

 

 

 

Gold prices for the week were hammered on news that the US employment climate continues to improve, dropping below the $1,220 mark for the first time since early January.

 

 

 

It’s nice to finally see a standout week after so much stagnation in what should be the height of the money-raising season. Hopefully the Index can stay at this level, or somewhere near it, as the industry looks ahead to the PDAC in the coming weeks.

 

 

 

  

 

 

Summary:

 

  • Number of financings increased to 29, tied for a seven-week high.
  • Six brokered financings were announced for $165.7m, a 48-week high.
  • Five bought deal financings were announced for $156.6m, a 49-week high.
  • Total dollars exploded to $221.6m, a 17-week high.
  • Average offer size jumped to $7.9m, a 17-week high.

 

 

Major Financing Openings:

 

  • Crew Energy Inc. (TSX:CR) opened a $100 million offering underwritten by a syndicate led by GMP Securities on a bought deal basis. The deal is expected to close on or about March 3, 2015.
  • SEMAFO Inc. (TSX:SMF) opened a $50.32 million offering underwritten by a syndicate led by Clarus Securities Inc. on a bought deal basis. The deal is expected to close on or about March 4, 2015.
  • Kennady Diamonds Inc. (TSX-V:KDI) opened a $20 million offering on a best efforts basis.    
  • Aureus Mining Inc. (TSX:AUE) opened a $19.07 million offering underwritten by a syndicate led by GMP Securities Europe on a best efforts basis.   

 

 

Major Financing Closings:

 

  • ShaMaran Petroleum Corp. (TSX-V:SNM) closed a $75 million offering on a best efforts basis.    
  • Asanko Gold Inc. (TSX:AKG) closed a $46 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis.    
  • Richmont Mines Inc. (TSX:RIC) closed a $38.5 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.    
  • Dalradian Resources Inc. (TSX:DNA) closed an $11.3 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 February 18, 2015

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