Stocks may often trade in a range but that does not mean that such stocks are to be avoided since there can often be break outs as well. Hence, it may not be a bad idea for investors to look into the announcement from Pelangio Exploration Inc (OTCMKTS:PGXPF) on Thursday.
Trading Data
On Thursday, PGXPF stock ended flat at $0.0725 with more than 1K shares, compared to its average volume of 900 shares. The stock has moved within a range of $0.0725 – 0.0725 after opening trade at $0.0725.
Closes First Tranche of Private Placement
Yesterday, the company came into the news cycle after it announced that it had managed to conclude the first tranche of a private placement worth as much as $625,000. The company noted that the placement, which was of a non-brokered nature, had been announced back on December 22, 2021.
The company noted that in the first tranche of the private placement it had managed to bring in gross proceeds to the tune of as much as $362970. It had issued a total of 3629700 units in this particular private placement and has priced the units at $0.10 each.
Each unit was made up of one common share in Pelangio Exploration and one fourth of a common share purchase warrant. A whole warrant is going to give the holder the right to pick up a common share for $0.15 up until December 30, 2022.
Technical Data
PGXPF stock is trading below the 20-Day and 50-Day Moving averages of $0.0892 and $0.0965 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1033. The stock is down 19.50% in the past month.
