Oreninc Index Update: February 11, 2016
Oreninc Index Shows Life
The Oreninc Index showed life for the week ending February 11, 2016. Total dollars announced jumped to $54.6m, a three-week high. One brokered financing was announced for $20.8m, a ten-week high; No bought deal financings were announced for the seventh time in nine weeks.
In what was a particularly busy week for deal making news, Tahoe Resources (TSX:THO) announced a deal to take over Lake Shore Gold (TSX:LSG) for $751m. Gold had another fantastic week, while oil sank even further. While only one week, an active period in the financing market along with a couple deals that seem to be coming together gave the industry a rare positive week to feel good about.
Summary:
- Number of financings increased to 27, a six-week high.
- One brokered financing was announced for $20.8m, a ten-week high.
- No bought deal financings were announced for the seventh time in nine weeks.
- Total dollars jumped to $54.6m, a three-week high.
- Average offer size increased to $2m, a three-week high.
Major Financing Openings:
- Nevada Copper Corp. (TSX:NCU) opened a $20.75 million offering underwritten by a syndicate led by GMP Securities LP on a best efforts basis. The deal is expected to close on or about March 10, 2016.
- Gold Standard Ventures Corp. (TSX-V:GSV) opened a $12.57 million offering on a strategic deal basis. The deal is expected to close on or about February 10, 2016.
- Range Energy Resources Inc. (CSE:RGO) opened a $5 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
- Coro Mining Corp. (TSX:COP) opened and closed a $4.46 million offering on a strategic deal basis.
Major Financing Closings:
- Integra Gold Corp. (TSX-V:ICG) closed a $15.98 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis.
- Gold Standard Ventures Corp. (TSX-V:GSV) closed a $16.1 million offering on a strategic deal basis.
- Barkerville Gold Mines Ltd. (TSX-V:BGM) closed a $10.24 million offering on a strategic deal basis.
- Dunnedin Ventures Inc. (TSX-V:DVI) closed a $0.48 million offering on a best efforts basis.
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