Oreninc Index Update: February 7, 2013
Oreninc Index Falls Sharply
The markets pushed the Oreninc index to a four-week low for the week ending February 7, 2013. Following the previous week’s positive performance, which included a number of large underwritten deals, this week had only two underwritten offerings making up 26% of announced money, a four-week low. It seems the strength of last week was more of an anomaly than the new norm, as brokers continue to sit on the sideline.
Summary:
- Deals announced fell to 26, a two-week high.
- Two brokered deals were announced, a four-week low; brokered dollars announced was $12.6 million.
- No bought deals were announced for the fourth time in seven weeks.
- Total dollars announced fell dramatically to $47 million, a four-week low.
- Average deal size dropped to $1.8 million, a four-week low.
Major Financing Openings:
- Silver Bull Resources Inc. (TSX:SVB) opened a $9.1 million offering underwritten by a syndicate led by PI Financial on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
- Prophecy Coal Corp. (TSX:PCY) opened an $8.4 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
- Solvista Gold Corporation (TSX-V:SVV) opened a $5 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months.
- Petro Vista Energy Corp. (TSX-V:PTV) opened a $4 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 60 months.
Major Financing Closings:
- MBAC Fertilizer Corp. (TSX:MBC) closed a $34.51 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis.
- Minera IRL Limited (TSX:IRL) closed a $15.46 million offering underwritten by a syndicate led by RBC Capital Markets on a best efforts basis.
- Shoal Point Energy Ltd. (CNSX:SHP) closed a $5.97 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 18 months.
- West Kirkland Mining Inc. (TSX-V:WKM) closed a $5.6 million offering underwritten by a syndicate led by Cormark Securities on a best efforts basis.
Comments