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Oreninc Index Stumbles

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Oreninc Index Stumbles

 

 

 

 

 

 

The Oreninc Index stumbled after three straight weeks of relatively flat numbers for the week ending February 6, 2014. Total dollars announced fell to $47.6m, a four-week low. Brokered and bought deals were also down, with each having only two deals for $25m, marking four-week lows for both. Maybe the most disappointing news of the week is the state of the five-week moving average, which fell to a 27-week low. With this time of year historically being a very active period, it is a relatively discouraging sign in a market that seemed to be doing better for a while.

 

                       

 

 

Summary:

 

  • Deals announced dropped to 35, a two-week low.
  • Two brokered deals were announced for $25.0m, a four-week low.
  • Two bought deals were announced for $25.0m, a four-week low.
  • Total dollars announced crashed to $47.6m, a four-week low.
  • Average deal size fell to $1.4m, a five-week low.

 

 

Major Financing Openings:

 

  • Luna Gold Corp. (TSX:LGC) opened a $20 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 February 25, 2014.
  • North Arrow Minerals Inc. (TSX-V:NAR) opened a $5.01 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis. The deal is expected to close on or about February 25, 2014.
  • Goldsource Mines Inc. (TSX-V:GXS) opened a $2.4 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 36 months.
  • Solimar Energy Limited (TSX-V:SXS) opened a $2 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 24 months.

 

 

Major Financing Closings:

 

  • Surge Energy Inc. (TSX:SGY) closed an $80.51 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.
  • Atlatsa Resources Corporation (TSX:ATL) closed a $75 million offering on a best efforts basis.
  • Kaizen Discovery Inc. (TSX-V:KZD) closed a $5.1 million offering on a strategic deal basis.
  • Alabama Graphite Corp. (CSE:ALP) closed a $2.15 million offering underwritten by a syndicate led by First Republic Capital Corporation 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 12, 2014

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