Oreninc Index Continues Poor Performance
The Oreninc Index continued its poor performance and hit a 23-week low for the week ending February 4, 2016. Total dollars announced jumped to $27.2m, a two-week high. No brokered or bought deals were announced, making three- and two-week lows, respectively.
The biggest news of the week was reports that Anglo American plc (LON:AAL) is planning a complete exit from Brazil. Gold continued its torrid pace, hitting a three-week high, while crude oil continued its downward trend.
As the index and most commodities continue to stumble, things seem to be getting worse before they might get better.
Summary:
- Number of financings increased to 22, a five-week high.
- No brokered financings were announced, a four-week low.
- No bought deal financings were announced, a three-week low.
- Total dollars jumped to $27.2m, a two-week high.
- Average offer size fell to $1.2m, a five-week low.
Major Financing Openings:
- Gold Standard Ventures Corp. (TSX-V:GSV) opened a $16.1 million offering on a strategic deal basis. The deal is expected to close on or about February 8, 2016.
- Integra Gold Corp. (TSX-V:ICG) opened a $2.45 million offering on a strategic deal basis. The deal is expected to close on or about February 11, 2016.
- Golden Arrow Resources Corp. (TSX-V:GRG) opened a $1.17 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 12 months.
- Aston Bay Holdings Ltd.* (TSX-V:BAY) opened a $0.8 million offering on a best efforts basis.
Major Financing Closings:
- Oban Mining Corp. (TSX:OBM) closed a $12.63 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a best efforts basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about February 3, 2016.
- Forum Uranium Corp. (TSX-V:FDC) closed a $0.88 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
- Midnight Sun Mining Corp. (TSX-V:MMA) closed a $0.69 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
- Aldever Resources Inc. (TSX-V:ALD) closed a $0.55 million offering on a best efforts basis.