Oreninc Index Rises from Summer Lull
The Oreninc Index rose to its highest level in three weeks for the week ending July 18, 2013. Riding on the back of $67.2m announced through 27 deals, the Index rose from its relative depths. The week saw 2 brokered deals announced for $20m. Both total dollars and brokered dollars announced were six-week highs. As encouraging as this spike is, the turbulence that has plagued the current financing market is expected to linger through July and August.
Summary:
- Total deals announced rose to 28, a three-week high.
- Two brokered deals were announced for $20 million dollars, a six-week high.
- One bought deal was announced for $10 million, a two-week high.
- Total dollars announced climbed to $68.2 million, a six-week high.
- Average deal size climbed to $2.4 million, a two-week high.
Major Financing Openings:
- True Gold Mining Inc. (TSX-V:TGM) opened a $17.41 million offering on a strategic deal basis.
- Stonegate Agricom Ltd. (TSX:ST) opened a $10 million offering underwritten by a syndicate led by GMP Securities L.P. on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about July 24, 2013
- GoGold Resources Inc. (TSX-V:GGD) opened a $5.2 million offering on a strategic deal basis.
- Mawson Resources Limited. (TSX:MAW) opened a $4.2 million offering on a best efforts basis. Each unit includes 1/2 warrant that expires in 24 months.
Major Financing Closings:
- Almaden Minerals Ltd. (TSX:AMM) closed a $5.47 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
- Donner Metals Ltd. (TSX-V:DON) closed a $2.79 million offering underwritten by a syndicate led by Secutor Capital Management on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
- Algold Resources Ltd. (TSX-V:KKV) closed a $1.02 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 18 months.
- Aldrin Resource Corp. (TSX-V:ALN) closed a $0.96 million offering on a best efforts basis.