Oreninc Index Falls
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The Oreninc Index fell for the week ending February 13, 2014. Total dollars announced fell to $27m on 19 deals, a five-week low. Brokered and bought dollars were both down, with one deal at $10.8m announced, also a five-week low. After three strong weeks beginning in mid-January, the Oreninc Index fell last week to modest levels and continued to fall even further this week. While this drop in performance is disappointing after a string of encouraging weeks, there is still room for optimism as we approach the PDAC.
Summary:
- Deals announced dropped to 19, a five-week low.
- One brokered deal was announced for $10.8m, a five-week low.
- One bought deal was announced for $10.8m, a five-week low.
- Total dollars announced fell to $27.0m, a six-week low.
- Average deal size rose to $1.5m, a two-week high.
Major Financing Openings:
- Santacruz Silver Mining Ltd. (TSX-V:SCZ) opened a $10.75 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. The deal is expected to close on or about March 11, 2014.
- Apogee Silver Ltd. (TSX-V:APE) opened a $3.65 million offering on a strategic deal basis. Each unit includes 1 warrant that expires in 60 months.
- Canamex Resources Corp. (TSX-V:CSQ) opened a $2.16 million offering on a best efforts basis. The deal is expected to close on or about February 14, 2014.
- Cadan Resources Corporation (TSX-V:CXD) opened a $1.5 million offering on a best efforts basis.
Major Financing Closings:
- Sunshine Oilsands Ltd. (TSX:SUO) closed a $45.85 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
- Timmins Gold Corp. (TSX:TMM) closed a $28.38 million offering underwritten by a syndicate led by RBC Dominion Securities on a bought deal basis.
- Cardinal Energy Ltd. (TSX:CJ) closed a $28 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis.
- Madalena Energy Inc. (TSX-V:MVN) closed a $23 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis.