Oreninc Index Update: January 31, 2013
Oreninc Index Rallies to Six-Week High
The Oreninc Index is back following a one-week hiatus with the markets being pushed to a six-week high for the week ending January 31, 2013. The major drivers for the week were two offerings over $30 million, including Guyana Goldfield Inc.’s (TSX:GUY) $100 million bought deal. As a whole, the financing market and brokers are becoming more active.
Summary:
- Offerings announced climbed to 34, a five-week high.
- Ten brokered deals were announced, an eight-week high; brokered dollars announced was $195.5 million.
- Two bought deals were announced for $130 million, a twelve-week high.
- Total Dollars announced doubled to $208 million, a twelve-week high.
- Average deal size nearly increased to $6.1 million, a twelve-week high and above the three-month average.
Major Financing Openings:
- Guyana Goldfields Inc. (TSX:GUY) opened a $100 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. The deal is expected to close on or about February 22, 2013.
- DeeThree Exploration Ltd. (TSX:DTX) opened a $30 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 February 19, 2013.
- Minera IRL Limited (TSX:IRL) opened a $15.3 million offering underwritten by a syndicate led by RBC Capital Markets on a best efforts basis.
- Roxgold Inc. (TSX-V:ROG) opened a $10 million offering underwritten by a syndicate led by Toll Cross Securities on a best efforts basis. The deal is expected to close on or about February 7, 2013.
Major Financing Closings:
- NGEx Resources Inc. (TSX:NGQ) closed a $34 million offering on a best efforts basis.
- EastCoal Inc. (TSX-V:ECX) closed a $13 million offering underwritten by a syndicate led by Cenkos Securities on a best efforts basis.
- Virginia Energy Resources Inc. (TSX-V:VUI) closed a $6.4 million offering on a best efforts basis.
- Alpha Minerals Inc. (TSX-V:AMW) closed a $3.15 million offering underwritten by a syndicate led by Salman Partners on a bought deal basis.
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