There were certain stocks which had been trading within a range on Monday and one of those was the M3 Metals Corp (OTCMKTS:MLGCF). That being said, it is also necessary to keep in mind that the company was actually in the news and it may be a good move to take a look at it before making a decision about the stock one way or another.
Trading Data
On Monday, MLGCF stock ended flat at $0.08 with more than 10K shares, compared to its average volume of 2K shares. The stock has moved within a range of $0.0800 – 0.0800 after opening trade at $0.08.
M3 Metals Sells Interest in Stars Copper Property
The company announced yesterday that it inked a sale and purchase agreement with the firm Aurwest Resources Corp and it is important to figure out if the development could have an effect on the stock price in the near term.
As per the terms of the agreement, M3 Metals will be selling of its 50% stake in the Stars asset to Aurwest. The Stars property is a copper porphyry project and spans across an area of 2136 hectares in Central region of British Columbia.
The terms of the transaction revealed that the company will get a cash payment to the tune of as much as C$450,000 after the closing of the agreement. In addition to that, the company is also going to be granted with 1,500,000 common shares as part of the deal.
Technical Data
MLGCF stock is trading in the neutral zone as RSI stands at 36. MLGCF stock is trading below the 20-Day and 50-Day Moving averages of $0.0874 and $0.0831 respectively. The stock is down 2% in the past month.
