Oreninc Index Update: November 15, 2012
Oreninc Index Bounces Again
The Oreninc Index made a major move upward for the week ending November 15, 2012; the fourth large shift in four weeks. The financing market continues to be highly volatile and remains soft for smaller companies, with a few large offerings making up the majority of the Index’s upside. On a positive note, unlike this summer which had very few offerings (regardless of a company’s stage of development), money is out there and quality offerings are being completed with over-allotments fully subscribed.
Summary:
- Total number of opened deals climbed slightly to 36.
- 12 brokered deals were announced, up from last week; brokered dollars announced jumped significantly to $231 million.
- Three bought deals were announced, a four-week high.
- Total dollars announced moved to $334 million, the highest since early May.
- Average deal size increased to $9.28 million.
Major Financing Openings:
- Rainy River Resources Ltd. (TSX-V:RR) opened a $75.07 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis. The deal is expected to close on or about December 3, 2012.
- Continental Gold Limited (TSX:CNL) opened a $75.06 million offering underwritten by a syndicate led by Dundee Securities on a bought deal basis. The deal is expected to close on or about December 4, 2012.
- Niko Resources Ltd. (TSX-V:NKO) opened a $50 million offering on a best efforts basis. The deal is expected to close on or about December 4, 2012.
- Sterling Resources Ltd. (TSX-V:SLG) opened a $45 million offering underwritten by a syndicate led by RBC Dominion Securities on a best efforts basis.
Major Financing Closings:
- Renegade Petroleum Ltd. (TSX-V:RPL) closed a $70.75 million offering underwritten by a syndicate led by GMP Securities on a bought deal basis.
- Delphi Energy Corp. (TSX:DEE) closed a $33 million offering underwritten by a syndicate led by Stifel Nicolaus on a best efforts basis.
- Artek Exploration Ltd. (TSX:RTK) closed a $25 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.
- Huldra Silver Inc. (TSX-V:HDA) closed a $6.88 million offering on a best efforts basis.
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