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The Oreninc Canadian Resource Financing Index slipped to a September low after climbing for three consecutive weeks. The amount of broker participation is down from last week’s spike but still sits well above the six-week moving average. Brokers have been participating in smaller deals, which may signal a greater willingness to get involved in more than just the most secure deals. Total money announced stayed flat over the week with a slight climb in total announced deals.

• Total number of opened deals moved up to 26, mostly in line with the last two months.
• Opened brokered deals increased by one to seven; brokered money accounted for 56% of all opened deals.
• One bought deal opened, the same as last week and well below the YTD average of 5.5.
• Averaged opened deal size fell to $2.5 million, down from last week and below the four-week average of $3.3 million.

This week the market continued to lay fairly low in the doldrums. We’re still waiting to see full market confidence and readiness to enter into the standard fall money-raising season. Winter is coming, so projects will be winding down and focus will shift to how to finance next year’s projects.

This week’s major private placement openings included:

• Queenston Mining Inc. (TSX:QMI) opened a $22.5 million private placement underwritten by a syndicate led by Primary Capital on a best efforts basis. The deal is expected to close on or about September 27, 2011.
• Cobalt Coal Ltd. (TSX-V:CCF) opened a $6 million private placement underwritten by a syndicate led by Mackie Research Capital on a best efforts basis. 
• Huakan International Mining Inc. (TSX-V:HK) opened a $5 million private placement on a best efforts basis.
• Vanoil Energy Ltd. (TSX-V:VEL) opened a $5 million private placement on a best efforts basis.   Each unit includes a 1/2 warrant that expires in 24 months.

Major private placement closings:

• LNG Energy Ltd. (TSX-V:LNG) closed a $20.12 million private placement underwritten by a syndicate led by Paradigm Capital on a best efforts basis.
• Sunset Cove Mining Inc. (TSX-V:SSM) closed a $3.56 million private placement underwritten by a syndicate led by Kallpa Securities on a best efforts basis. Each unit includes 1 warrant that expires in 18 months.
• Integra Gold Corp. (TSX-V:ICG) closed a $2.73 million private placement on a best efforts basis.   Each unit includes 1 warrant that expires in 24 months.
• Century Mining Corp. (TSX-V:CMM) closed a $5.16 million private placement on a best efforts basis.

Original Link: http://oreninc.com/orenthink/20110915-oreninc-index-update