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Episode 10

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Top 10 Financings of August 2017

Oreninc’s Top 10 Financings of August 2017

 

North America’s leading junior mining finance data provider

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September 11th, 2017 - August 2017 saw a significant pullback in the Canadian financial markets due to the summer vacation season with just 102 financings closing for C$196.2 million at an average of $2.0 million.

In comparison, June had 124 financings closing for $474.8 million at an average of $4.1 million and July had 110 financings closing for $493.0 at an average of $4.7 million.

This included five brokered financings for $31.7 million—some 16.1% of the total—at an average size of $6.3 million, including no bought deals.

August saw 49 gold deals close for $102.0 million at an average of $1.6 million, which included four brokered deals for $31.6 million representing some 52.0% of the total. The top ten gold deals accounted for some 79.4% of the total at $81.0 million.

The top ten deals by size in August totalling $113.1 million, some 57.6% of the total. Gold companies took five of the top ten spots, with lithium, PGMs, diamonds, tungsten and oil taking one spot each.

September looks set to be a better month as 124 deals were opened in August.

 

#1 Red Eagle Mining $30.0 million

Red Eagle Mining (TSX: R) closed a $30.0 million rights offering and issued 85.6 million units @ $0.35. Each unit consisted of one share and a warrant exercisable @ $0.50 for five years. The proceeds will be used to implement a change in mining method at its San Ramon gold mine in Antioquia, Colombia that requires the construction of a paste backfill plant and additional underground mine development. Major shareholders Liberty Metals & Mining Holdings, Vertex Value Fund and Orion Mine Finance exercised their rights.

#2 Fiore Exploration $17.0 million

Fiore Exploration (TSXV: F.V) closed a brokered private placement for $17,0 million and issued 55.8 million subscription receipts @ $0.305. Each subscription receipt will convert as part of Fiore’s business combination with GRP Minerals into one unit of Fiore Gold, with each unit consisting of one share and a warrant exercisable @ $0.45 for three years. The proceeds will be used for expansion of the Pan Mine leach pads in Nevada, USA, drilling at both Pan and Gold Rock, working capital and production expansion. The financing was led by GMP Securities and Eventus Capital as co-lead agents and joint bookrunners, and included Haywood Securities.

#3 PentaNova Energy $16.5 million

PentaNova Energy (TSXV: PNO) closed a $16.5 million private placement of 20.6 million subscription receipts @ $0.80. Each unit will consist of one share and a warrant exercisable @ $1.05 for five years. The proceeds were placed into escrow pending completion of the company's acquisition of Patagonia Oil.

  

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