Oreninc Index Stutters in Final Week of August
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The Oreninc Index fell slightly for the week ending August 29, 2013. While the five-week moving average also dipped, it sits at the second-highest level since March. Total number of offerings has remained high, and the last four weeks has seen more offerings announced than any other four-week period this year to date. From a broad sense, it seems that market sentiment is becoming more positive as the summer holidays wrap up.
Summary:
- Total deals announced dropped to 40, the second most since June.
- Four brokered deals were announced for $26m, a two-week low.
- Two bought deals were announced for $25m, a two-week low.
- Dollars announced fell to $62.5m, a two-week low.
- Average deal size rose slightly to $1.55m, a three-week high.
Major Financing Openings:
- Pretium Resources Inc. (TSX:PVG) opened a $15.15 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 September 6, 2013.
- Uranerz Energy Corporation (TSX:URZ) opened a $10.5 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis. Each unit includes a 1/2 warrant that expires in 30 months. The deal is expected to close on or about September 6, 2013.
- North Arrow Minerals Inc. (TSX-V:NAR) opened a $5.3 million offering on a best efforts basis.
- Elgin Mining Inc. (TSX-V:ELG) opened a $2.95 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
Major Financing Closings:
- Kelt Exploration Ltd. (TSX:KEL) closed a $111.6 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis.
- Canadian Overseas Petroleum Ltd. (TSX-V:XOP) closed a $8.46 million offering underwritten by a syndicate led by FirstEnergy Capital on a best efforts basis.
- Anterra Energy (TSX-V:AE.A) closed a $7 million offering on a best efforts basis.
- GB Minerals Ltd. (TSX-V:GBL) closed a $3 million offering on a best efforts basis.