Over the course of the past week the Lucky Minerals Inc (OTCMKTS:LKMNF) stock has had a pretty rough time and has tanked by as much as 10% during the period.
The selloff in the stock could be linked to the completion of the second and final tranche of the non-brokered private placement of its units not too long ago. In total, the company managed to raise C$3875840 from the two tranches of private placements. While the company did manage to raise a substantial sum of money, investors did not seem to take kindly to the move and that was possible the reason behind the selloff in the Lucky Minerals stock over the past week.
It had been announced by the company that some of the proceeds from the private placement were going to be deployed towards the maiden drilling initiative at a new feeder zone that was discovered at the gold system in Ecuador.
It should be noted that at this point in time, the geological team at the company are exploring into a range of such feeder zones in Ecuador. At this point, it could be a good move for investors to keep an eye on the developments with regards to the company.