In recent times, Life Clips (OTCMKTS:LCLP) has done considerable work with regards to its cryptocurrency and blockchain operations through its subsidiary company Belfrics. Yesterday, the company was in the news once again following a key announcement and consequently the Life Clips stock ended up with gains of 5% as well.
Trading Data
On Wednesday, LCLP stock moved up 5.43% to $0.0097 with more than 24.87 million shares, compared to its average volume of 21.72 million shares. The stock moved within a range of $0.0092 – 0.0104 after opening trade at $0.0092.
Life Clips, Inc. Announces $50 Million Equity Line for Long Term Growth and Expansion
The company announced yesterday that its subsidiary company Belfrics had managed to secure a commitment with regards to a line of credit that could go up to as much as $50 million. The line of credit is actually of the equity line of credit variant and that was possibly the reason behind he rally in the Life Clips stock yesterday.
The news was a significant one from the company and more importantly the proceeds from the transaction are going to be deployed by Life Clips towards the expansion of Belfrics.
The company is looking to help Belfrics in recruiting highly talented people, in the development of new products, expansion into new territories and investment in the latest technology. It now remains to be seen if the latest move from Life Clips can lead to a sustained rally in the stock or not in the coming days.
Key Quote
Robert Grinberg, CEO of Life Clips, said, “We believe by raising capital and putting it to work we will see growth in our bottom-line business, creating shareholder value.” Mr. Grinberg continued, “We saw a direct correlation between our investment of money raised through our previous Regulation A offering and an increase in Belfrics’ revenue.”
Technical Data
LCLP stock is trading below the 20-Day and 50-Day Moving averages of $0.0101 and $0.0124 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0201.
