Shares of Golden Ridge Resources Ltd. (OTCMKTS:GORIF) have been gaining solid momentum over the past few sessions with a jump of 1225% in a week.
Trading Data
On Friday, GORIF stock soared 27.83% to $0.1750 with more than 205k shares, compared to its average volume of 10k shares. The stock has moved within a range of $0.1591 – 0.1868 after opening trade at $0.1591.
Golden Ridge Resources to Close $2,100,000 Financing via Non-Brokered Private Placement
Golden Ridge Resources Ltd. (OTCMKTS:GORIF) announced its intent to complete a best efforts non-brokered private placement financing for up to $2,100,000. It includes a strategic investment by Eric Sprott. Shares shot up by a whopping 28% and 1225% in a week.
This offering includes up to 8,400,000 units, priced at 0.25 per unit. Every unit consists of one common and one-half of one common share purchase warrant of the company. Each warrant enables the subscriber to buy one extra common share for a 24-month period from the date of issuance at an exercise price of $0.50 per common share.
No securities sold in connection with the non-brokered private placement, is to be registered under the United States Securities Act of 1933. Moreover, such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. All securities issued pursuant to this offering is subject to a statutory four month and one day hold period from the date of issuance under applicable securities laws.
Proceeds form this offering is to be diverted towards general working capital of the company. It also plans further development of the Newfoundland project portfolio. TSX Venture Exchange has to grant final approval.
Technical Data
GORIF stock is trading above the 20-Day and 50-Day Moving averages of $0.1173 and $0.1295 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.1613. The stock is up 16% in the past month.
