While it is true that Friday was a momentous day for Arena Minerals Inc (OTCMKTS:AMRZF), it did not lead to any joy for its investors as the stock declined by as much as 11%. In this sort of a situation, it may be the right time for investors to look into the latest developments in order to make up their minds about the future of the stock.
Trading Data
On Friday, AMRZF stock gained 2.34% to $0.3935 with more than 360k shares traded, compared to its average volume of 672k shares. The stock has moved within a range of $0.3780 – 0.4008 after opening trading at $0.39.
Major Update
After all, a sharp decline can often prove to be an opportunity for investors as well. The company noted on Friday that its common shares had started trading on the OTCQB market.
It was a significant development for the company considering the fact that the stock will now have exposure to another pool of investors. In this regard, it is perhaps also necessary to note that the Arena Minerals is going to be available on the TSX Venture Exchange and will trade under the ticker sign AN.
On the OTCQB market, the stock is going to bear the symbol AMRZF. In light of the decline, it may be a good move to keep an eye on the stock this morning and watch out for signs of recovery.
Key Quote
“We are pleased to begin trading on the OTCQB as a means of enhancing our visibility to prospective U.S. investors,” commented Will Randall, Arena’s President and CEO. “We believe the benefits are twofold; greater accessibility to an expanding shareholder base in the United States, and enabling greater exposure and liquidity as we continue to advance our lithium project, Sal de la Puna in Argentina.”
Technical Data
AMRZF stock is trading above the 20-Day and 50-Day Moving averages of $0.38 and $0.28 respectively. Moreover, the stock is above 200-Day moving average of $0.21.
