Oreninc Index Update: March 27, 2014
Oreninc Index Rises Slightly
The Oreninc Index rose slightly for the week ending March 27, 2014. This week, although better than last week in every measurable way, is still lagging behind where we have been in recent months. Total dollars announced rose to $55.7m, a two-week high. Brokered and bought deals also increased, both with one deal announced for $8m, two-week highs. After last week’s YTD low, any increase, even a small one, is a welcome sight. It will be interesting to see if the Index can sustain this level of financing activity as we head into April.
Summary:
- Deals announced rose to 33, a two-week high.
- One brokered deal was announced for $18m, a two-week high.
- One bought deal was announced for $18m, a two-week high.
- Total dollars announced jumped to $55.7m, a two-week high.
- Average deal size increased to $1.7m, a two-week high.
Major Financing Openings:
- MBAC Fertilizer Corp. (TSX:MBC) opened an $18 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought deal basis. Each unit includes 1 warrant that expires in 60 months. The deal is expected to close on or about April 17, 2014.
- Taipan Resources Inc. (TSX-V:TPN) opened a $6 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 48 months.
- Kilo Goldmines Ltd. (TSX-V:KGL) opened a $5 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
- Lydian International Ltd. (TSX:LYD) opened a $4.73 million offering on a strategic deal basis. The deal is expected to close on or about April 18, 2014.
Major Financing Closings:
- BNK Petroleum Inc. (TSX:BKX) closed a $35 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.
- Roxgold Inc. (TSX-V:ROG) closed a $28.81 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis.
- Kelt Exploration Ltd. (TSX:KEL) closed a $33.6 million offering underwritten by a syndicate led by Peters & Co. Ltd. on a bought deal basis.
- NexGen Energy Ltd. (TSX-V:NXE) closed a $11.54 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.
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