Although it is true that the Philippine Metals Inc (OTCMKTS:PHIXF) stock was trading within a range on Thursday, it should be noted that the company was actually in the news. In light of the latest situation with the stock, it may be a good idea for investors to take a look at the announcement and then make their minds up about the Philippine Metals stock.
Trading Data
On Thursday, PHIXF stock ended flat at $0.0850 with 2K shares, compared to its average volume of 1K shares. The stock has moved within a range of $0.0850 – 0.0850 after opening trade at $0.0850.
Concludes Second Tranche of Upsized Subscription Receipt Financing
Yesterday, Philippine Metals announced that it had been successful in concluding the second and last tranche of the subscription receipt financing that it had announced previously.
In this subscription receipt financing round, the company offered as many as 2000000 subscription receipts and priced it at $0.50 each. As a result, Philippine Metals had been successful in raising as much as $1000000 from the entire transaction. In this regard, it should also be noted that owing to significant demand, Philippine Metals had also decided to raise the size of the PMI Financing to as much as $2590396.
Although the stock was trading in a range yesterday, it is going to be interesting to see if it can manage to break out one way or another over the coming days.
