Oreninc Index Falls to Nine-Week Low
The Oreninc Index fell to a nine-week low for the week ending June 25, 2015. Total dollars dropped $85.4m, a two-week low. One brokered financing was announced for $1m, a 24-week low; no bought deals were announced for the third time in five weeks.
The largest deal for the week was Glencore Xstrata’s (LON:GLEN) sale of their Cosmos Nickel Complex to Western Areas Ltd (ASX:WSA) for $23.3m. Gold came back down for the week, declining well below $1,200 an ounce. Iron ore recovered and increased marginally.
It appears that the yearly slowdown that the official start of summer brings may finally be upon us.
Summary:
- Number of financings increased to 30, tied for a three-week high.
- One brokered financings was announced for $1m, a 24-week low.
- No bought deal financings were announced for the third time in five weeks.
- Total dollars dropped to $85.4m, a two-week low.
- Average offer size fell to $2.8m, a four-week low.
Major Financing Openings:
- SouthGobi Resources Ltd. (TSX:SGQ) opened a $39.05 million offering on a best efforts basis. The deal is expected to close on or about July 14, 2015.
- Roxgold Inc. (TSX-V:ROG) opened a $18.4 million offering on a strategic deal basis. Each unit includes a 1/2 warrant that expires in 24 months.
- Western Lithium USA Corporation (TSX:WLC) opened a $6.16 million offering on a strategic deal basis.
- Marathon Gold Corp. (TSX:MOZ) opened a $3.5 million offering on a best efforts basis.
Major Financing Closings:
- Premier Gold Mines Limited (TSX:PG) closed a $27.1 million offering on a best efforts basis. The deal is expected to close on or about June 15, 2015.
- EMED Mining Public Ltd. (TSX-V:EMD) closed a $12.53 million offering on a best efforts basis.
- Plateau Uranium Inc. (TSX-V:PLU) closed a $3.38 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about June 22, 2015.
- Barkerville Gold Mines Ltd. (TSX-V:BGM) closed a $2 million offering on a strategic deal basis.