There were a number of stocks which ended up with significant gains on Tuesday and one of those was the Star Navigation Systems Group Ltd (OTCMKTS:SNAVF) stock.
Trading Data
On Tuesday, SNAVF stock ended flat at $0.0294 with 2.7k shares, compared to its average volume of 5.4k shares. The stock has moved within a range of $0.0294 – 0.0294 after opening trade at $0.0294.
Completion of Private Placement and Shares for Debt Transaction
The stock was in focus yesterday after it announced that it had managed to conclude a private placement of as many as 68,166,667 units in the company’s capital and managed to bring in as much as $2,045,000 in the form of gross proceeds. The company priced the units at $.003 each. It should also be noted that the private placement had been announced previously by the company and had been of a non-brokered nature.
The news came as a source of significant announcement among investors and led to a strong rally in the Star Navigation Systems stock. The stock attracted a lot of investors yesterday and managed to clock gains of as much as 17% as investors piled on to it in a big way.
However, it is now going to be interesting to see if the Star Navigation Systems stock can actually hold on to its momentum and manage to add to its gains over the coming days. It may be a good time to add it to your watch lists.
Technical Data
SNAVF stock is trading below the 10-Day and 20-Day Moving averages of $0.0295 and $0.0307 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0408.
