Oreninc Index Five-Week Average Falls to Lowest Level YTD
The Oreninc Index five-week moving average fell to its lowest level YTD for the week ending July 11, 2013. Two brokered deals were announced for the week, only one of which was a bought deal. This level is most likely a product of the normal mid-summer lull, as well as the market’s current stagnation. With mid-summer approaching and many summer exploration projects still underway, there is no reason to believe the Index will improve significantly over the next couple of weeks.
Summary:
- Total deals announced rose to 18.
- Two brokered deals were announced for $20 million, a five-week high.
- One bought deal was announced for $10 million, a two-week low.
- Total dollars announced fell to $41.5 million, a three-week low.
- Average deal size climbed to $2.3 million, a one-week high.
Major Financing Openings:
- Northern Vertex Mining Corp. (TSX-V:NEE) opened a $15 million offering underwritten by a syndicate led by Paradigm Capital Inc. on a best efforts basis. The deal is expected to close on or about August 13, 2013.
- Argex Titanium Inc. (TSX-V:RGX) opened a $10 million offering on a strategic deal basis. The deal is expected to close in or about early August.
- Roxgold Inc. (TSX-V:ROG) opened a $10 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about August 1, 2013.
- Pro-Or Inc. (Ressources Minieres) (TSX-V:POI) opened a $2.3 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 12 months.
Major Financing Closings:
- Lowell Copper Ltd. (TSX-V:JDL) closed an $8.91 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 60 months.
- Madalena Ventures Inc. (TSX-V:MVN) closed a $7.25 million offering underwritten by a syndicate led by Dundee Securities Ltd. on a bought deal basis.
- Kaminak Gold Corp. (TSX-V:KAM) closed a $5.17 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis.
- Colorado Resources Ltd. (TSX-V:CXO) closed a $4 million offering on a best efforts basis.