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 Indexs upside. On a positive note, unlike this summer which had very few offerings (regardless of a companys 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.

Comments

Click here to cancel reply.

Your Comments