The situation has been pretty grim for investors in Kolibri Global Energy Inc (OTCMKTS:KGEIF) over the course of the past month considering the fact that the stock has tanked by as much as 16% during the period.
Trading Data
On Tuesday, KGEIF stock moved down 1.35% to $0.0586 with more than 200 shares, compared to its average volume of 37K shares. The stock has moved within a range of $0.0586 – 0.0586 after opening trade at $0.0586.
Announces the Successful Completion of the Rights Offering Raising CAD$8.6 Million
In this situation, it is perhaps also necessary for investors in mind that such a decline can often be an opportunity as well. Hence, it may be a good idea for investors to take a closer look at the announcement from Kolibri Global Energy yesterday. The company announced that it had been successful in completing the rights offering.
The rights offering had been concluded on December 29, 2021 and Kolibri Global Energy managed to bring in proceeds of around C$8.6 million through it. In addition to that, it should be noted that at this point in time Kolibri Global Energy is looking to drill as many as two wells at its Tishomingo Field that is located in Oklahoma.
The proceeds from the rights offering are going to be used for that particular purpose. Hence, it now remains to be seen if the Kolibri Global Energy stock can manage to get some traction from investors at this point or not.
Technical Data
KGEIF stock is below the 20-Day and 50-Day Moving averages of $0.0609 and $0.0715 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0692.
