Although the Canagold Resources Ltd (OTCMKTS:CRCUF) (TSX:CCM) stock had been trading within a range on Wednesday, it cannot be ignored that the company was in the news following a significant development. Yesterday, that company announced that it had been successful in concluding the second and last tranche of its private placement.
On Wednesday, CRCUF stock flat to $0.31 with more than 8.6k shares, compared to its average volume of 49.2k shares. The stock has moved within a range of $0.3100 – 0.3220 after opening trade at $0.31.
Closes CAD$2 Million Second Tranche of Oversubscribed CAD$2.3 Million Private Placement Financing
The private placement was of the non-brokered nature and it had been oversubscribed as well. Canagold managed to bring in as much as C$2.3 million from the offering in question. The details of the two offerings had been announced by the company in press releases back on December 22, 2021 and December 31, 2021.
In the second tranche of the private placement, the company issued as many as 4.05 million units of flow through common shares and they were priced at C$0.50 each. The proceeds from the placement are going to be deployed towards the exploration expenses that Canagold is going to incur in Canada. In addition to that, the money is also going to be deployed towards flow through mining transactions. At this point in time, it remains to be seen if the latest development leads to any action in the Canagold stock over the coming days or not.
CRCUF stock is trading below the 20-Day and 50-Day Moving averages of $0.32 and $0.33 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.39. The stock is down 22% in the past month.