Oreninc Index Update: December 6, 2012
Oreninc Index Up After Two Down Weeks
The Oreninc Index saw an increase for the week ending December 6, 2012 following two straight weeks of decline. In addition, the five-week moving average fell slightly, continuing a seven-week downward trend that started after the fundraising peak in mid-October. Similar to last week, brokered offerings made up a significant portion of all money announced, however total offerings and brokered offerings reached eight and seven-week lows, respectively.
Summary:
- Total number of opened deals fell to 33, a seven-week low.
- Eight brokered deals were announced, an eight-week low; brokered dollars announced nearly doubled to $138 million.
- Two bought deals were announced for $96 million, a three-week high.
- Total dollars announced increased to $165 million.
- Average deal size jumped to $5.0 million.
Major Financing Openings:
- OceanaGold Corporation (TSX:OGC) opened a $93.3 million offering underwritten by a syndicate led by Macquarie Capital Markets on a bought deal basis. The deal is expected to close on or about December 18, 2012.
- Veris Gold Corp. (TSX:VG) opened a $25.02 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit includes a 1/2 warrant that expires in 48 months.
- Mawson West Limited (TSX:MWE) opened a $12 million offering underwritten by a syndicate led by Cormark Securities on a best efforts basis. The deal is expected to close on or about December 19, 2012.
- Northern Spirit Resources Inc. (TSX-V:NS) opened a $6 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 December 31, 2012.
Major Financing Closings:
- Continental Gold Limited (TSX:CNL) closed an $86.32 million offering underwritten by a syndicate led by Dundee Securities on a bought deal basis.
- Rainy River Resources Ltd. (TSX-V:RR) closed a $57.5 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.
- Niko Resources Ltd. (TSX-V:NKO) closed a $50 million offering on a best efforts basis.
- Cequence Energy Ltd. (TSX:CQE) closed a $16 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a best efforts basis.
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