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.
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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