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How to Survive and Grow in a Down Market - MailChimp

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How to Survive and Grow in a
Down Market
Benjamin Cox
Managing Director
Oren Inc.
┬а
San Francisco Hard Assets: November 16, 2012
Background & Experience
CEO, ┬аDirector ┬а
Founder, ┬аManaging ┬аDirector ┬а
CEO, ┬аDirector ┬а
-тАп Iron ┬аore ┬а
-тАп Equity ┬аямБnance ┬аdata ┬а
-тАп Copper ┬аand ┬аzinc ┬а
-тАп Nunavut ┬а
-тАп Sector, ┬аbroker ┬аanalysis ┬а
-тАп Nunavut ┬а
-тАп Due ┬аdiligence ┬а
┬а
Previous: ┬а
┬зяВзтАп D.E. ┬аShaw: ┬аHedge ┬аfund ┬а
┬зяВзтАп Linux ┬аFund: ┬аOpen ┬аsource ┬аtechnology ┬а
┬а
┬а
Resolute ┬а
Aston ┬аBay ┬аVentures ┬а
Somerset ┬аIsland ┬а
Roche ┬аBay ┬а
ямБnance ┬аwith ┬аextensive ┬аexperience ┬аin ┬аthe ┬а
N
Nunavut ┬а
┬а
2 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
┬а
Greenland ┬а
BaямГn ┬а
Bay ┬а
Diverse ┬аbackground ┬аin ┬аjunior ┬аmining ┬аand ┬а
Arctic ┬аregion. ┬а
Davis ┬а
Strait ┬а
Hall ┬аBeach ┬а
Fox ┬а
Basin ┬а
W
E
S
A Difficult Summer
┬зяВзтАп
Summer ┬а2012 ┬аwas ┬аthe ┬аworst ┬аseason ┬аfor ┬аямБnancing ┬аsince ┬а2009 ┬а
┬зяВзтАп
Fortunately, ┬аthe ┬аmarkets ┬аhave ┬аfared ┬аmuch ┬аbetter ┬аduring ┬аFall ┬а2012 ┬а
Oreninc Canadian Resources Financing Index
January 1, 2011 тАУ October 18, 2012
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Above: ┬аThe ┬аOreninc ┬аIndex ┬аis ┬аa ┬аnumerical ┬аindex ┬аthat ┬аprovides ┬аa ┬аsense ┬аof ┬аmarket ┬аdepth ┬аand ┬аhelps ┬аcompanies ┬аdecide ┬аwhen ┬аto ┬аямБnance. ┬а
3 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
When The Market is Down: Tools, Rules, Checklists
┬зяВзтАп
Reexamine ┬аyour ┬аportfolio ┬а
-тАп
┬зяВзтАп
DeямБne ┬аwhat ┬аmakes ┬аa ┬атАЬwinningтАЭ ┬аcompany ┬а
-тАп
┬зяВзтАп
Shares ┬аoutstanding, ┬аmarket ┬аcap, ┬аcash ┬аon ┬аhand, ┬аetc... ┬а
Go ┬аbeyond ┬аthe ┬аstory ┬а
-тАп
┬зяВзтАп
Quality ┬аteam, ┬аgreat ┬аresource, ┬аcommodity ┬аthat ┬аyou ┬аlike ┬а
Determine ┬атАЬmust ┬аavoidтАЭ ┬аcapital ┬аstructures ┬а ┬а
-тАп
┬зяВзтАп
Markets ┬аchange ┬аover ┬аtime; ┬аit ┬аis ┬аimportant ┬аto ┬аdetermine ┬аwhether ┬аthe ┬аreasons ┬а
you ┬аinitially ┬аinvested ┬аstill ┬аmake ┬аsense ┬а
External ┬аresearch ┬аand ┬аdata ┬аis ┬аnecessary ┬аto ┬аmake ┬аsmart ┬аchoices ┬а
Take ┬аadvantage ┬аof ┬аcorporate ┬аcash ┬аshortages ┬аthrough ┬аdirect ┬аinvestments ┬а
4 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Clean Out The House: DonтАЩt Hold Losers, Find Winners
┬зяВзтАп
Everything ┬аis ┬аcheap ┬аin ┬аa ┬аdown ┬аmarket; ┬а ┬аthe ┬аprice ┬аpremium ┬аbetween ┬аgood ┬аand ┬а
bad ┬аcompanies ┬аis ┬аsmaller ┬а
┬зяВзтАп
Review ┬аeach ┬аcompany ┬аand ┬аask: ┬атАЬIf ┬аI ┬аwere ┬аto ┬аsell ┬аthe ┬аstock ┬аtoday, ┬аwould ┬аI ┬аbuy ┬а
it ┬аback ┬аat ┬аthe ┬аsame ┬аprice?тАЭ ┬а
-тАп
┬зяВзтАп
If ┬аyou ┬аwouldnтАЩt ┬аbuy ┬аit ┬аback, ┬аthen ┬аwhat ┬аwould ┬аyou ┬аbuy ┬аinstead? ┬а
Sentimentalism ┬аis ┬аnot ┬аa ┬аsuggested ┬аinvesting ┬аstrategy ┬а ┬а
-тАп
There ┬аare ┬аbetter ┬аcompanies ┬аout ┬аthere ┬аfor ┬аless ┬а
5 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Project Checklist
┬зяВзтАп
Transport/Location ┬а
тАУтАп How ┬аwill ┬аresource ┬аbe ┬аhauled? ┬а ┬а
тАУтАп Distance/cost ┬аof ┬аtransport ┬а
тАУтАп Port ┬аcapacity ┬а
тАУтАп Accessibility ┬а ┬а
тАУтАп Country ┬аrisk ┬а(e.g. ┬аborder, ┬аregulatory) ┬а
┬а
┬зяВзтАп
Infrastructure ┬а
тАУтАп Cost ┬а
тАУтАп Shared ┬аinfrastructure ┬а
тАУтАп Power, ┬аwater, ┬аlabor ┬а
тАУтАп Mill ┬аsize/capacity ┬а
тАУтАп Tailings/waste ┬а
┬зяВзтАп
┬а
┬зяВзтАп
┬зяВзтАп
Resource ┬а
тАУтАп Grade/size ┬а
тАУтАп By-┬нтАРproducts, ┬аimpurities ┬а
тАУтАп Shape ┬аof ┬аore ┬аbody/ease ┬аof ┬аmining ┬а
тАУтАп Type ┬аof ┬аdeposit ┬а
тАУтАп Historical ┬аestimates ┬а
Mine ┬а
тАУтАп Development ┬аstage ┬а
тАУтАп Open ┬аpit/under ┬аground ┬а
тАУтАп Production/recovery ┬аrates ┬а
Financials ┬а
тАУтАп Capex/opex ┬а
тАУтАп Cash ┬аon ┬аhand, ┬аloans, ┬аdebt ┬а
тАУтАп Royalties/NSRтАЩs ┬а
тАУтАп Market ┬аexposure ┬а
┬а
┬зяВзтАп
Partnerships ┬а
тАУтАп Joint ┬аventures ┬а
тАУтАп Terms ┬аof ┬аpartnership ┬а
тАУтАп Major ┬аshareholders ┬а
┬зяВзтАп
Management ┬а
тАУтАп Can ┬аthey ┬аraise ┬аmoney? ┬а
тАУтАп Industry ┬аexperience/connections ┬а
тАУтАп Delivers ┬а
┬а
┬а
┬зяВзтАп
Permitting ┬а
тАУтАп First ┬аnations ┬а
тАУтАп Bodies ┬аof ┬аwater ┬а
тАУтАп National ┬аforests ┬а
тАУтАп Opponents ┬аof ┬аmine ┬а(i.e. ┬аEnvironmentalists, ┬аNIMBYism) ┬а
6 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Corporate Checklist: When to Walk Away
Walk ┬аaway ┬аif ┬аa ┬а4 ┬аto ┬а10-┬нтАРyear-┬нтАРold ┬аcompany: ┬а
┬а
┬зяВзтАп Lacks ┬аa ┬аmaterial ┬аresource ┬аstatement ┬а
┬зяВзтАп
Has ┬аrepeatedly ┬аямБnanced ┬аfor ┬аunder ┬а$750k ┬аand ┬аhas ┬а100m+ ┬аshares ┬а
outstanding ┬а
┬зяВзтАп
Has ┬аa ┬аямВagship ┬аproject ┬аthat ┬аwill ┬аnot ┬аbe ┬аeconomic ┬аwithout ┬аsubstantial ┬а
market ┬аchanges ┬а
┬зяВзтАп
Has ┬аmanagement ┬аthat ┬аhas ┬аover-┬нтАРpromised ┬аand ┬аunder-┬нтАРdelivered ┬а
┬а
7 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Picking Commodities
┬зяВзтАп
Focus ┬аon ┬аa ┬аcommodity ┬аthat ┬аyou ┬аlike, ┬а
understand, ┬аand ┬аhave ┬аfaith ┬аin ┬а
┬а
┬зяВзтАп
Quality ┬аcommodities ┬аhave: ┬а
-тАп
Supply ┬аconstraints ┬а
-тАп
Inelastic ┬аdemand ┬а
-тАп
A ┬аlack ┬аof ┬аquality ┬аpipeline ┬аprojects ┬а ┬а
-тАп
A ┬аforeseeable ┬аshutdown ┬аin ┬аmajor ┬аmines ┬а
Aston ┬аBay ┬аCopper ┬а
Aston ┬аBay ┬аZinc ┬а
┬зяВзтАп
Oreninc ┬аlikes ┬аzinc, ┬аcopper, ┬аcoking ┬аcoal, ┬аiron ┬а
ore, ┬аand ┬аnickel ┬а
Roche ┬аBay ┬аIron ┬аOre ┬а
8 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Commodities We Like
┬зяВзтАп
Iron ┬аOre: ┬а
-тАп Oligopoly ┬аcontrol ┬аcreates ┬аstickier ┬аprices ┬а
-тАп Major ┬аmaterial ┬аfor ┬аglobal ┬аdevelopment ┬а
┬а
┬зяВзтАп
Zinc: ┬а
-тАп Developing ┬аcountries ┬аare ┬аbecoming ┬аmore ┬аconcerned ┬аwith ┬аhigher ┬аquality ┬аgalvanized ┬а
products ┬аfor ┬аbuilding ┬аinfrastructure ┬а
-тАп Major ┬аmines ┬аare ┬аgoing ┬аoямДine ┬аin ┬аthe ┬аnext ┬аdecade ┬а
┬а
┬зяВзтАп
Copper: ┬а
-тАп Necessary ┬аfor ┬аglobal ┬аdevelopment ┬а
-тАп Naturally ┬аscarce ┬аresource ┬а
┬а
┬зяВзтАп
Coking ┬аCoal: ┬а
-тАп Necessary ┬аfor ┬аsteel ┬аproducing ┬аblast ┬аfurnaces ┬а
-тАп Much ┬аscarcer ┬аthan ┬аthermal ┬аcoal ┬а
9 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Good Management
┬зяВзтАп
Kills ┬аdying ┬аor ┬аhopeless ┬аprojects ┬а
┬зяВзтАп
Hires ┬аa ┬аteam ┬аfocused ┬аon ┬аwhere ┬аthe ┬аcompany ┬аis ┬аgoing, ┬аnot ┬аwhere ┬аit ┬аwas ┬а
last ┬аyear ┬а
┬зяВзтАп
Gets ┬аpaid ┬а(тАжdo ┬аnot ┬аinvest ┬аwith ┬аpeople ┬аwho ┬аwork ┬аfor ┬аfree) ┬а
┬зяВзтАп
Builds ┬аcorporate ┬аgroups ┬аthat ┬аshare ┬аresources, ┬аinsights, ┬аand ┬аrelationships ┬а
10 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Good Projects
┬зяВзтАп
Resource ┬аstands ┬аout: ┬а
3500N ┬а
-тАп Material ┬аtonnage ┬а
4100N ┬а
-тАп Economic ┬аgrade ┬а
-тАп Feasible ┬аlocation ┬а
-тАп Manageable ┬аcapex ┬аcosts ┬а ┬а
2750N ┬а
2200N ┬а
Aston ┬аBay ┬аCopper ┬аVTEM ┬аSurvey ┬а
┬зяВзтАп
No ┬аobvious ┬аhurdles ┬аto ┬аnext ┬аstage ┬аof ┬аdevelopment, ┬аsuch ┬аas: ┬а
-тАп Political ┬аrisk ┬а
-тАп Permitting ┬аand ┬аNIMBY ┬аrisk ┬а
-тАп Messy ┬аcorporate ┬аand ┬аproject ┬аownership ┬аstructures ┬а
-тАп Stakeholders ┬аthat ┬аare ┬аaligned ┬а
┬а
11 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Tools Oreninc Uses
┬зяВзтАп
Google ┬аEarth: ┬аDigitally ┬аямВy ┬аa ┬аproject; ┬аit ┬аis ┬аshocking ┬аhow ┬аmuch ┬аyou ┬аcan ┬аlearn ┬а ┬а
┬зяВзтАп
USGS: ┬аLearn ┬аabout ┬аthe ┬аcommodity ┬а
┬зяВзтАп
SEDAR: ┬аRead ┬аreports ┬а(NI ┬а43-┬нтАР101, ┬аMD&A, ┬аямБnancial ┬аstatements, ┬аresource ┬а
statements) ┬а
-тАп
IR ┬аteams ┬аget ┬аpaid ┬аto ┬аsell ┬аthe ┬аupside ┬а
-тАп
Finding ┬аthe ┬аdownside ┬аof ┬аcompanies ┬аand ┬аprojects ┬аis ┬аcritical ┬а
┬зяВзтАп
Fraser ┬аRisk ┬аIndex: ┬аWhat ┬аcountries ┬аdo ┬аindustry ┬аprofessionals ┬аlike ┬аand ┬аwhy? ┬а
┬зяВзтАп
C0mmon ┬аsense: ┬аStep ┬аback ┬аand ┬аmake ┬аsure ┬аthat ┬аprojects ┬аand ┬аmanagement ┬а
teams ┬аmake ┬аsense ┬а
12 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
OrenincтАЩs Day-to-Day Business
┬зяВзтАп
Providing ┬аmanagement ┬аservices ┬аfor ┬аexploration ┬аstage ┬аcompanies ┬аwith ┬аbase ┬а
and ┬аindustrial ┬аmetals ┬а
┬а
┬зяВзтАп
Providing ┬аstrategic ┬аconsulting ┬аon ┬аcorporate ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬аMoney
┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬аRaised
┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬аby
┬а ┬а ┬а ┬а ┬аSector
┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а
structure, ┬аямБnancing ┬аoptions, ┬аstranded ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а
1-Sept-2011 to 31-Aug-2012
assets, ┬аand ┬аcommodity ┬аanalysis ┬а
┬зяВзтАп
Collecting ┬аdata, ┬аwhich ┬аallows ┬аfor ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а
industry ┬аexamination ┬аfrom ┬аa ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а
sophisticated ┬аand ┬аrigorous ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а ┬а
quantitative ┬аstandpoint ┬а
┬а
13 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Oreninc Data Helps
┬зяВзтАп
Oreninc ┬аtracks ┬аall ┬аequity ┬аямБnancings ┬а
on ┬аthe ┬аTSX, ┬аTSX-┬нтАРV ┬аand ┬аCNSX ┬а
┬а
-тАп Companies ┬аraising ┬аmoney ┬аhave ┬а
plans ┬аto ┬аgrow; ┬аdormant ┬аcompanies ┬а
will ┬аdisappear ┬а
┬зяВзтАп
Sign ┬аup ┬аfor ┬аour ┬аmailing ┬аlist ┬а
-тАп Weekly ┬аupdates ┬аof ┬аthe ┬аOreninc ┬а
Index ┬аand ┬аthe ┬аOreninc ┬аDeal ┬аLog ┬а
┬а
-тАп Receive ┬аall ┬аof ┬аour ┬аямБnancing ┬аreports ┬а
as ┬аsoon ┬аas ┬аthey ┬аare ┬аreleased ┬а
┬зяВзтАп
┬а
14 ┬а
Over ┬а250 ┬аfree ┬аreports ┬аpublished ┬а
each ┬аyear, ┬аfocused ┬аon ┬аcommodities, ┬а
brokers, ┬аand ┬аmarkets ┬а
Above: ┬аScreen ┬аshot ┬аof ┬аOrenincтАЩs ┬аproprietary ┬аdatabase, ┬аthe ┬аOreninc ┬аDeal ┬аLog, ┬а
which ┬аlists ┬аall ┬аCanadian ┬аnatural ┬аresource ┬аямБnancings ┬а
SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Financings Reports
┬зяВзтАп
Sector ┬аPulse ┬аReports: ┬аBi-┬нтАРmonthly ┬аmarket ┬а
analysis ┬аfor ┬а12 ┬аsectors ┬а
┬зяВзтАп
Broker ┬аTear ┬аSheets: ┬аQuarterly ┬аcomparison ┬а
of ┬а30 ┬аbrokerage ┬аhouses ┬а
┬зяВзтАп
Get ┬аto ┬аknow: ┬а
-тАп Commodities: ┬аAre ┬аbanks ┬аlooking ┬аfor ┬аdeals ┬а
in ┬аthis ┬аcommodity? ┬а
-тАп Companies: ┬аHave ┬аthey ┬аraised ┬аmoney ┬а
successfully ┬аin ┬аthe ┬аpast? ┬а
-тАп Brokers: ┬аDo ┬аtheir ┬аpast ┬аdeals ┬аresult ┬аin ┬аlong-┬нтАР
term ┬аvalue ┬аfor ┬аtheir ┬аclients? ┬а
┬зяВзтАп
Sponsorship ┬аopportunities: ┬аDistribution ┬аto ┬а
3000+ ┬аsubscribers ┬аconsisting ┬аof ┬аhigh ┬аranking ┬а
personnel ┬аfrom ┬аinstitutions, ┬аresource ┬а
companies, ┬аinvestors, ┬аlaw ┬аямБrms, ┬аauditors, ┬а
and ┬аinvestor ┬аrelations ┬аcompanies ┬а
┬а
15 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Sample Pulse Report: Copper
Broker Fees by Company Market Cap: All Sectors
Average Cash Fee
When looking at a financing, it is important
to remember: the smaller the market cap,
the higher the fees.
Average Total Fee
16%
14%
12%
10%
8%
6%
4%
2%
0%
$0-$10
$10-$25
$25-$50
$50-$100
Broker Fees: Copper
This chart represents the fees charged by
each broker in the copper sector. The
numerical values listed in the report can be
used for negotiating purposes.
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Average Cash Fee
Average Total Fee
Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/11/2011 and closed by 31/10/2012. Market cap listed in million-dollar units.
16 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
$100-$500
Sample Pulse Report: Copper тАУ Cont.
Broker
Cash
Fee
Warrant
Fee
Total
Fee
Total
Raised
Total
Deals
Average Deal
Size
% of Total
Book
% of Deals
with
Warrants
Average
Days to
Close
Average
Subscription
Rate
Canaccord
5.0%
0.0%
5.0%
$5.6
1
$5.6
1.1%
0.0%
N/A1
100.0%
Casimir Capital
6.0%
6.0%
12.0%
$2.1
1
$2.1
0.8%
100.0%
14.0
101.0%
Dundee
5.0%
5.0%
10.0%
$26.7
1
$26.7
6.2%
100.0%
27.0
133.4%
Haywood
Securities
N/A2
N/A2
N/A2
$29.0
1
$29.0
6.3%
0.0%
22.0
116.0%
Leede Financial
Markets
8.0%
8.0%
16.0%
$0.3
1
$0.3
100.0%
0.0%
62.0
29.5%
Mackie Research
6.0%
6.0%
12.0%
$10.0
2
$5.0
28.1%
0.0%
14.0
125.6%
Macquarie
7.0%
7.0%
14.0%
$13.8
1
$13.8
8.7%
100.0%
15.0
138.0%
Paradigm
Capital
6.0%
0.0%
6.0%
$20.0
1
$20.0
100.0%
0.0%
120.0
66.7%
PI Financial
10.0%
0.0%
10.0%
$0.5
1
$0.5
8.2%
0.0%
6.0
100.0%
Raymond James
5.0%
0.0%
5.0%
$15.0
3
$5.0
12.0%
33.3%
63.0
33.3%
RBC
5.0%
0.0%
5.0%
$45.0
1
$45.0
3.1%
0.0%
29.0
100.0%
Salman Partners
6.5%
6.5%
13.0%
$1.5
1
$1.5
3.3%
0.0%
23.0
100.0%
Scotiabank
5.0%
5.0%
10.0%
$5.5
2
$2.7
1.9%
0.0%
43.0
94.9%
Brokered
Average
5.4%
2.3%
7.8%
$174.9
173
$10.3
--
22.2%
38.8
89.7%
Non-Brokered
Average
4.4%
1.6%
6.1%
$209.6
104
$2.0
--
74.0%
40.9
94.2%
Note: The chart represents all brokered deals in the respective sector(s) opened on or after 1/11/2011 and closed by 31/10/2012. Average deal size and total raised listed in million-dollar units. 1Deal
announced solely at close. 2Fees unavailable at time of publication. 3Brokered Average of Total Deals may not be a direct sum of column because brokers are excluded from above chart if
unsuccessful at closing all announced deals.
17 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Sample Pulse Report: Copper тАУ Cont. 2
Company
Name
Open
Date
Ticker
Cash
Fee
Warrant
Fee
Total
Fee
% of
Dollars
Raised Market
at Close Cap
Security
Type
Financing
Basis
Toro Resources
29/03/2012
TSX-V:TRK
8.0%
8.0%
16.0%
Withdrawn Withdrawn
Common
Best Efforts
$5.4
Rainy Mountain
Royalty
29/03/2012
TSX-V:RMO
7.5%
0.0%
7.5%
$0.1
3.0%
Flow-Through
Best Efforts
$2.2
Rainy Mountain
Royalty
29/03/2012
TSX-V:RMO
12.5%
0.0%
12.5%
$0.02
0.9%
Common
Best Efforts
$2.2
Castle Resources
15/03/2012
TSX-V:CRI
6.0%
6.0%
12.0%
$3.4
6.4%
Common
Bought Deal
$52.7
Mackie Research
Scotiabank
Castle Resources
15/03/2012
TSX-V:CRI
6.0%
6.0%
12.0%
$6.6
12.6%
Flow-Through
Bought Deal
$52.7
Mackie Research
Scotiabank
Marengo Mining
13/03/2012
TSX:MRN
6.0%
0.0%
6.0%
$20.0
7.0%
Common
Best Efforts
$285.7
Paradigm Capital Casimir Capital
WCB Resources
09/03/2012
TSX-V:WCB
6.0%
6.0%
12.0%
$2.1
12.2%
Common
Best Efforts
$17.0
Highbank
Resources
28/02/2012
TSX-V:HBK
8.0%
8.0%
16.0%
$0.7
9.9%
Common
Best Efforts
$7.0
Cascadero Copper
24/02/2012
TSX-V:CCD
N/A1
N/A1
N/A1
$0.1
0.5%
Common
Best Efforts
$19.6
Equinox
Exploration
23/02/2012
TSX-V:EQX
4.0%
3.0%
7.0%
$1.3
25.2%
Common
Best Efforts
$5.3
Panoro Minerals
22/02/2012
TSX-V:PML
7.0%
7.0%
14.0%
$13.8
15.2%
Common
Bought Deal
$90.9
Macquarie
Black Smoker
Ventures
21/02/2012
CNSX:BSM
8.0%
8.0%
16.0%
$0.3
16.1%
Flow-Through
Best Efforts
$1.8
Leede Financial
Markets
Andover Mining
16/02/2012
TSX-V:AOX
N/A1
N/A1
N/A1
$1.4
2.9%
Common
Best Efforts
$49.2
Market
Lead
CoCap at
Underwriter Underwriter
Deal Open
Casimir Capital
M Partners
Note: The chart represents all deals in the respective sector(s) opened on or after 1/11/2011 and closed by 31/10/2012. Dollars raised and market cap listed in million-dollar units. 1Fees unavailable at
time of publication.
18 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Sample Tear Sheet: Canaccord
BOOK
AVERAGE FEES
STRUCTURE
EXECUTION
Sector
% of Total
Book
Deal
Size*
Total
Deals
Total
Raised
Cash
Warrant
Total
Share
Price
Premium
% of
Deals
Bought
% of Deals
with
Warrants
Days
to
Close*
Subscription
Rate*
Oil & Gas
40.1%
$21.17
15
$317.54
5.8%
0.5%
6.2%
-4.0%
73.3%
20.0%
28.8
120.9%
Gold
38.8%
$9.59
32
$306.76
5.1%
2.2%
7.8%
-6.7%
40.6%
37.5%
24.7
111.4%
Iron Ore
9.1%
$35.81
2
$71.63
5.0%
5.0%
10.0%
-5.2%
0.0%
0.0%
20
100.0%
Potash
7.0%
$27.65
2
$55.30
5.0%
0.0%
5.0%
-4.4%
100.0%
0.0%
22.5
152.2%
Silver
2.5%
$20.00
1
$20.00
6.0%
6.0%
12.0%
-3.2%
0.0%
0.0%
100.0
133.3%
Zinc
1.0%
$3.78
2
$7.55
6.5%
0.0%
6.5%
-9.5%
0.0%
50.0%
20.5
124.1%
Nickel
0.9%
$7.00
1
$7.00
6.0%
0.0%
6.0%
-7.6%
0.0%
0.0%
20.0
100.0%
Copper
0.7%
$5.57
1
$5.57
5.0%
0.0%
5.0%
-5.0%
0.0%
0.0%
N/A1
100.0%
All Sectors
100.0%
$14.13
56
$791.35
5.4%
1.6%
7.2%
-5.6%
46.4%
28.6%
26.8
115.5%
Note: The chart represents all deals recorded by Oreninc opened on or after 1/10/2011 and closed by 30/9/2012 across all sectors in which Canaccord acted as lead or co-lead underwriter. Deal size
and total raised listed in million-dollar units. Share price premium excludes all flow-through transactions. *Average. 1Deal opening and closing announced on same day.
19 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Sample Tear Sheet: Canaccord тАУ Cont.
Company
Name
Open
Date
Ticker
Cash
Fee
Warrant
Fee
Total
Fee
Dollars
Raised @
Close
% of
Market
Cap
Security
Type
Financing
Basis
Market
Cap @
Deal Open
Lead
Underwriter
CoUnderwriter
Treasury Metals
12/9/12
TSX:TML
6.0%
6.0%
12.0%
$1.50
3.4%
Common
Bought Deal
$43.93
Canaccord
Casimir Capital
Treasury Metals
12/9/12
TSX:TML
6.0%
6.0%
12.0%
$4.50
10.2%
Flow-Through Bought Deal
$43.93
Canaccord
Casimir Capital
EMED Mining
Public
22/8/12
TSX-V:EMD
5.0%
0.0%
5.0%
$5.57
4.1%
Common
Best Efforts
$137.51
Canaccord
Atna Resources
21/8/12
TSX:ATN
6.0%
6.0%
12.0%
$17.25
13.8%
Common
Bought Deal
$125.36
Canaccord
MBAC Fertilizer
14/8/12
TSX:MBC
5.0%
0.0%
5.0%
$20.20
6.5%
Common
Bought Deal
$312.81
Canaccord
Carlisle
Goldfields
27/6/12
TSX:CGJ
N/A1
N/A1
N/A1
$3.15
10.0%
Flow-Through
Best Efforts
$31.31
Canaccord
Liberty Mines
26/6/12
TSX:LBE
8.0%
10.0%
18.0%
Withdrawn
Withdrawn
Common
Best Efforts
$18.58
Canaccord
Mexivada Mining
4/6/12
TSX-V:MNV
8.0%
8.0%
16.0%
Withdrawn
Withdrawn
Common
Best Efforts
$3.48
Canaccord
Kaminak Gold
11/5/12
TSX-V:KAM
6.0%
5.0%
11.0%
$6.30
4.4%
$144.16
Canaccord
Africa
Hydrocarbons
10/5/12
TSX-V:NFK
7.0%
7.0%
14.0%
$10.00
110.3%
Common
Best Efforts
$9.07
Canaccord
GoGold
Resources
30/4/12
TSX-V:GGD
5.0%
0.0%
5.0%
$30.00
35.1%
Conditional
Common
Best Efforts
$85.48
BMO
Canaccord
Columbus Gold
13/4/12
TSX-V:CGT
7.0%
7.0%
14.0%
$5.50
9.0%
Common
Bought Deal
$60.84
Cormark
Securities
Canaccord
Goldex
Resources
2/4/12
TSX-V:GDX
5.0%
5.0%
10.0%
$.20
3.1%
Common
Best Efforts
$6.41
Loeb Aron &
Company
Canaccord
Rouge
Resources
19/3/12
TSX-V:ROU
7.0%
0.0%
7.0%
$.83
7.4%
Common
Best Efforts
$11.16
Canaccord
Flow-Through Bought Deal
Note: The chart represents all deals recorded by Oreninc opened on or after 1/10/2011 and closed by 30/9/2012 across all sectors in which Canaccord acted as lead or co-lead underwriter. Dollars
raised and market cap listed in million-dollar units. 1Fees unavailable at time of publication.
20 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
Contact Us
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21 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
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22 SF Hard Assets, November 2012: How to Survive and Grow in a Down Market
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