In recent times, there has been considerable focus on the lithium sector due to the wide range of industries in which the element can be deployed and that has led to a rising interest in stocks from the industry.
Latest News
However, it has not been a particularly great time for investors in Frontier Lithium Inc (OTCMKTS:LITOF) in recent days and the stock has fell by as much as 9% during the period. Yesterday, the company was in the news once again after it announced that it had managed to close the bought deal financing that it had announced previously.
In this situation, it may be a good idea for investor to take a closer look at the details of the bought deal financing before making up their minds about the Frontier Lithium stock. The company offered as many as 6,453,000 flow through shares at the price of $1.86 each. In addition to that, there was also an overallotment option for 1,076,000 more flow through shares. In total, Frontier Lithium managed to bring in gross proceeds to the tune of as much as $12,002,580. The underwriters for the deal were given a fee of 6% of the total of gross proceeds.
Technical Data
LITOF stock is trading in the neutral zone as RSI stands at 60. LITOF stock is trading above the 20-Day and 50-Day Moving averages of $1.44 and $1.09 respectively. The stock is up 40% in the past month.
