It was not a particularly great day in the markets for investors in Canada Silver Cobalt Works Inc (OTCMKTS:CCWOF) this past Friday as the company’s stock suffered from a selloff and ended up with a decline of 5%.
Trading Data
On Friday, CCWOF stock moved down 5% to $0.2326 with 179K shares, compared to its average volume of 163K shares. The stock moved within a range of $0.2298 – 0.2475 after opening trade at $0.2475.
Recent News
However, at the same time, it is important to note that the company had actually made a key announcement with regards to the appointment of Research Capital Corporation as the sole book runner for its private placement offering. In addition to that, Research Capital is also going to be the co-lead agent along with CanaccordGenuity Corp in the operation.
The company is looking to raise the size of its private placement offering so that it could bring in as much as $5500000 in the form of gross proceeds. It was an important announcement but it seems that investors were not particularly happy about the possibility of the private placement.
The units that are going to be offered by Canada Silver Cobalt Works are going to be made up of one common share in the company and a solitary common share purchase warrant. It may now be a good move for investors to consider keeping an eye on the stock.
Technical Data
CCWOF stock is above the 20-Day and 50-Day Moving averages of $0.22 and $0.19 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.20.
