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Oreninc Index Remains the Same

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Oreninc Index Remains the Same

 

 

 

 

 

The Oreninc Index remained stagnant for the week ending October 2, 2014. Total dollars announced rose to $160.4m, a four-week high. Three brokered deals were announced for $82m, a 14-week high; one bought deal was announced for $75m, a 14-week high.

 

 

 

While companies seem to have more confidence in their ability to raise money the past couple of weeks, deal-making remains light for Canadian juniors. That being said, majors were somewhat active with IAMGOLD Corp’s (TSX:IMG) sale of their Québécois Niobec niobium mine to the former Barrick Gold chief Aaron Regis’s private equity firm, Magris Resources. Newmont Mining Corporation (NYSE:NEM) and the Indonesian government agreed to a deal that allows the gold producer to resume copper exports from the country, ending the nine-month dispute.

 

 

 

Commodity prices had a rough week, with gold dropping to USD$1,200 for the first time in 2014, and platinum hitting a five-year low. Silver also had a rough time, hitting its lowest level in over four years.

 

 

 

While it’s nice to see some movement upwards in the financing market, we are far from out of the water yet. With commodity prices falling and numerous geopolitical issues dominating the headlines, it would not be surprising to see investors and promoters skittish.

 

 

 

 

Summary:

 

  • Deals announced dropped to 24, a four-week low.
  • Three brokered deals were announced for $82m, a 14-week high.
  • One bought deal was announced for $75m, a 14-week high.
  • Total dollars rose to $160.4m, a four-week high.
  • Average deal size jumped to $6.7m, a four-week high.

 

 

Major Financing Openings:

 

  • Mountain Province Diamonds Inc. (TSX:MPV) opened a $100 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. The deal is expected to close on or about October 17, 2014.
  • Largo Resources Ltd. (TSX-V:LGO) opened a $30 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about October 3, 2014.
  • Roxgold Inc. (TSX-V:ROG) opened a $5.63 million offering on a strategic deal basis.   
  • Falco Resources Ltd. (TSX-V:FPC) opened a $7 million offering underwritten by a syndicate led by Scotia Capital Inc. on a best efforts basis. The deal is expected to close on or about October 22, 2014.

 

 

Major Financing Closings:

 

  • Kallisto Energy Corp (TSX-V:KEC) closed a $25 million offering on a best efforts basis.    
  • Blackdog Resources Ltd. (TSX-V:DOG) closed a $21 million offering on a best efforts basis.    
  • Tamarack Valley Energy Ltd. (TSX-V:TVE) closed a $10.05 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a best efforts basis.    
  • DuSolo Fertilizers Inc. (TSX-V:DSF) closed a $6 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 October 7, 2014

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