Oreninc Index Falls in Holiday-Shortened Week
The Oreninc Index stumbled modestly for the week ending May 22, 2014. While it’s never good to see a dip in performance, this was an expected one given the Victoria Day holiday last week and Memorial Day in the States this week. Total dollars announced jumped to $115.2m, a two-week high. Brokered dollars were down to $15m on one deal, a nine-week low. There were no bought deals for the first time in 19 weeks. Expect next week to be at a similarly low level, given the holiday in the States and the unofficial mark of the beginning of summer.
Summary:
- Deals announced dropped to 25, a six-week low.
- One brokered deal was announced for $15m, a nine-week low.
- No bought deals were announced, a 19-week low.
- Total dollars announced jumped to $115.2m, a two-week high.
- Average deal size rose to $4.6m, an eleven-week high.
Major Financing Openings:
- Americas Petrogas Inc. (TSX-V:BOE) opened a $15 million offering underwritten by a syndicate led by Mackie Research Capital Corporation on a best efforts basis. The deal is expected to close on or about June 2, 2014.
- Ascot Resources Ltd. (TSX-V:AOT) opened a $4 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
- EMC Metals Corp. (TSX:EMC) opened a $3 million offering on a best efforts basis.
- Pinecrest Resources Ltd. (TSX-V:PCR) opened a $3 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
Major Financing Closings:
- PRD Energy Inc. (TSX-V:PRD) closed a $22.74 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.
- RB Energy Inc. (TSX:RBI) closed a $22.03 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.
- PanTerra Resource Corp. (TSX-V:PRC) closed a $20 million offering on a best efforts basis.
- Sunshine Oilsands Ltd. (TSX:SUO) closed a $10.96 million offering on a strategic deal basis.