(MENAFN- ProactiveInvestors)
Oreninc Index Stays Level
The Oreninc Index stayed level for the week ending May 7 2015. Total dollars announced increased to $92.7m a four-week high. Four brokered deals were announced for $76.9m a four-week low; three bought deals were announced for $26.9m a two-week low.
The most significant deal-making news of the week was already expected with BHP Billton Ltd. (NYSE:BBL) shareholders voting in favor of a proposed spin-out of a portion of the Australian miner’s assets into a new BHP shareholder-owned company South32 which will be listed in Austalia South America and London later this month. Iron ore continued its rise reaching above $60 per tonne for the first time in nine weeks.
Easily the most encouraging part of the week was iron ore’s continued rise after such a rough period for the base metal. Obviously seeing the increased Index level and continued broker support is also nice but it will take a couple more weeks of good financing numbers before any real optimism can really be gleaned from it.
Summary:
- Number of financings dropped to 25 a three-week low.
- Four brokered financings were announced for $76.9m a four-week high.
- Three bought deals were announced for $26.9m a two-week low.
- Total dollars increased to $92.7m a four-week high.
- Average offer size rose to $3.7m a four-week high.
Major Financing Openings:
- Ltd. (TSX-V:LGO) opened a $50 million offering underwritten by a syndicate led by Mackie Research Capital Corporation on a best efforts basis. Each unit includes a 1/2 warrant that expires in 12 months. The deal is expected to close on or about May 15 2015.
- Ltd. (TSX-V:NXE) opened a $23.74 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal basis. The deal is expected to close on or about May 26 2015.
- (TSX-V:NOX) opened a $3.12 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about May 28 2015.
- Ltd. (TSX-V:IDI) opened a $3 million offering on a strategic deal basis. Each unit includes a 1/2 warrant that expires in 24 months.
Major Financing Closings:
- Midland Exploration Inc. (TSX-V:MD) closed a $14.29 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 36 months.
- Ltd. (TSX:AVK) closed a $12.01 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. Each unit includes a 1/2 warrant that expires in 24 months.
- Corp. (TSX-V:ICG) closed a $7.35 million offering underwritten by a syndicate led by Macquarie Capital Markets Canada Ltd. on a bought deal basis.
- Sennen Potash Corp. (TSX-V:SN) closed a $3 million offering on a best efforts basis.
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