On Wednesday, Adyton Resources Corporation (OTCMKTS:ADYRF) was one of the companies to have come into the news cycle after it made a major new announcement. The company announced yesterday that it had been successful in closing its non-brokered private placement worth as much as C$400000.
Trading Data
On Wednesday, ADYRF stock ended flat at $0.0200 with more than 20K shares, compared to its average volume of 23.81K shares. The stock moved within a range of $0.0200 – 0.0200 after opening trade at $0.0200.
Adyton Resources Corporation Closes Private Placement
The company had made an announcement with regards to the placement previously. The money was raised by the company through the sale of as many as 20000000 common shares of Adyton for the price of C$0.02 each. It is perhaps important for investors to note that the offering had actually been oversubscribed. That reflects the sort of interest that it generated.
The proceeds from the private placement are going to be used by Adyton Resources for financing exploration and development activities, for conducting due diligence on assets it might be targeting for acquisition, for general working capital needs and also for possible acquisitions.
Many of the insider in the company participated in the private placement and that is an indication of the sort of confidence they might have in the company’s future. The shares which had been part of the private placement are all going to be restricted from resale for a four month period.
