Brookmount Gold Corp (OTCMKTS:BMXI) Stock Extends Rally On Filing for Reduction of Authorized Shares

If you are currently looking into stocks which may have made big moves on Tuesday then it may be difficult to look past the Brookmount Gold Corp (OTCMKTS:BMXI) stock, which had clocked gains of as much as 40% yesterday amidst heavy interest.

Trading Data

On Tuesday, BMXI stock surged 39.73% to $0.1738 with more than 1.09 million shares, compared to its average volume of 504.34K shares. The stock moved within a range of $0.1255 – 0.1845 after opening trade at $0.1255.

Brookmount Gold Corp. (Brookmount Explorations, Inc.) Announces Filing for Reduction of Authorized Shares

The company announced yesterday that its board of directors had decided to send in a filing for the purpose of reducing the number of its authorized shares. The filing had been made with the Secretary of State for the state of Nevada. The decision from the company is part of its wider objective of improving its capital structure and then bringing about more value to the shareholders.

In this context, it is also important to point out that the reduction is not going to have any effect on the current level of outstanding shares in the company. It would not have any effect on the ownership stakes of the existing shareholders in Brookmount Gold Corp either.

That being said, the move is going to cut down the number of shares which the company could issue in the future and that is something that may bring a degree of optimism among the company’s investors. Investors could do well to keep an eye on the Brookmount Gold Corp stock today.

Key Quote

“We believe this filing is in the best interests of our shareholders and is a positive step for the company as a whole,” said Nils Ollquist, CEO of Brookmount Gold. “We will continue to explore all opportunities to enhance shareholder value and make the most of our resources.”