Oreninc Index Update: July 3, 2014
Oreninc Index Remains Strong in Holiday-Shortened Week
The Oreninc Index remained strong in the holiday-shortened week ending July 3, 2014. This week’s performance is characterized by good numbers, although it clearly does not match the previous week as indicated by a slew of two-week lows. Total dollars announced fell to $93.6m, a two-week low. Brokered dollars announced dropped to $36.5m, a two-week low, and bought dollars announced dropped to $32m, also a two-week low.
While financing activity remained up this week, deal-making subsided, which is unsurprising given the holidays in the US and Canada. It is a good sign that companies are able to raise cash in the first week of summer; a couple more weeks like the previous two, and the stronger weeks will become less of a surprise and more of an expected performance.
Summary:
- Deals announced fell to 38, a two-week low.
- Six brokered deals were announced for $36.5m, a two-week low.
- Two bought deals were announced for $32m, a two-week low.
- Total dollars dropped to $93.6m, a two-week low.
- Average deal size decreased to $2.5m, a two-week low.
Major Financing Openings:
- Terrace Energy Corp. (TSX-V:TZR) opened a $20.02 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis.
- St. Augustine Gold and Copper Limited (TSX:SAU) opened a $15.52 million offering on a strategic deal basis.
- Rubicon Minerals Corporation (TSX:RMX) opened a $12 million offering underwritten by a syndicate led by TD Securities on a bought deal basis. The deal is expected to close on or about July 23, 2014.
- Caza Oil & Gas Inc. (TSX:CAZ) opened a $10.78 million offering on a best efforts basis.
Major Financing Closings:
- Mountain Province Diamonds Inc. (TSX:MPV) closed a $45.53 million offering on a best efforts basis.
- Guyana Goldfields Inc. (TSX:GUY) closed a $44.4 million offering on a best efforts basis.
- Polaris Minerals Corp. (TSX:PLS) closed a $17.44 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.
- Kirkland Lake Gold Inc. (TSX:KGI) closed a $7.5 million offering underwritten by a syndicate led by National Bank Financial Inc. on a bought deal basis.
Comments