In the past month, Argo Gold Inc (OTCMKTS:ARBTF) has seen its stock suffering from a steady selloff and over the course of the period, it has managed to record a decline of as much as 16%.
Trading Data
On Thursday, ARBTF stock ended flat at $0.0753 with 33k shares, compared to its average volume of 3K shares. The stock has moved within a range of $0.0753 – 0.0753 after opening trade at $0.0719.
Argo Gold Announces Closing of Flow-Through Financing
While the decline in the stock has been substantial in the past month, it is also true that the company made a key announcement yesterday and it may be the right time to look into it. Yesterday, the company announced that it had been successful in completing a private placement of flow through shares. The transaction was of a non-brokered nature and the company offered a total of as many as 2,916,700 flow through shares for $0.12 each.
The company managed to bring in gross proceeds to the tune of as much as $350,004. In addition to that, it is also necessary to noted that in relation to the issuance of the flow through shares, Argo Gold also paid up a finder’s fee to the tune of $28000.32. A long term institutional investors in Argo Gold had actually chosen to subscribe to this round of financing from the company. It remains to be seen if there is any rebound in the stock any time soon.
Technical Data
ARBTF stock is trading below the 20-Day and 50-Day Moving averages of $0.0759 and $0.0955 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1211. The stock is down 6% in the past month.
