Although Asia Broadband Inc (OTCMKTS:AABB) has made a big move in the cryptocurrency space in recent times, the company has not abandoned its original business of precious metal mining.
On Tuesday, AABB stock fell 5.13% to $0.1785 with more than 30.51 million, compared to its average volume of 33.18 million shares. The stock has moved within a range of $0.1775 – 0.1980 after opening trade at $0.1910.
Signs Definitive Acquisition Agreement for High-Grade Bonanza Gold Mine Project in Acaponeta Mexico
Yesterday, the company was in focus after it announced that it had inked a definitive agreement for acquiring the Bonanza Gold Mine Project in its entirety. It was a significant development for the company but it did not create much excitement among investors and the Asia Broadband stock actually tanked by as much as 5% as a consequence. In this situation, it might be a good idea to take a closer look at the nature of the deal before making a decision about the Asia Broadband stock one way or another.
The deal has been struck by the company with Martin Augusto Vallejo Lujambio and the total purchase price for the acquisition came in at $6 million. However, it is also important to point out at the same time that the sum is going to be paid out in both cash and stock. Asia Broadband is going to pay out $2 million in the form of cash and the rest of the money is going to be in the form of restricted shares in the company.
AABB stock is trading above the 50-Day and 200-Day Moving averages of $0.15 and $0.17 respectively. However, the stock is trading below the 20-Day moving average of $0.19. The stock is up 21% in the past month.