Yesterday, the Asia Broadband Inc (OTCMKTS:AABB) stock had come into focus among investors in a big way and ended up clocking gains of as much as 5% as a consequence. In order to get a better idea about the rally into the stock it may be a good idea for investors to perhaps take a look into the announcement from the company on Wednesday.
Trading Data
On Wednesday, AABB stock moved up 5.20% to $0.0904 with 13.24 million shares, compared to its average volume of 26.77 million shares. The stock moved within a range of $0.0882 – 0.0935 after opening trade at $0.0935.
Asia Broadband Signs Letter of Intent to Add Adjacent Properties to the Recent Zodiac Acquisition High-Grade Gold Mine in Mexico
The company noted yesterday that it had inked a letter of intent by way of which it would complete the acquisition of some more high quality gold properties in the form of Zodiac II and Zodiac III. The properties in question are located in BuenPais in Mexico.
The announcement was a vital one for the company and the optimism among investors with regards to the potential acquisitions is perhaps understandable. It was also announced yesterday that the Asia Broadband management was engaged in the process related to the negotiations of the terms with regards to the prospective new acquisitions.
The two properties in question is located adjacent to each other. The transaction is only going to be completed after the completion of due diligence and also and assessment period.
Technical Data
AABB stock is trading below the 20-Day and 50-Day Moving averages of $0.0967 and $0.1168 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1377.
