Any news with regards to the latest fund raising efforts of any company is likely to bring its stock into focus among investors and hence, it would be interesting to see if the Power Nickel Inc (TSXV: PNPN) (OTCBB: PNPNF) stock gets any traction today or not. Yesterday, the company made a significant announcement about a best efforts private placement. We take a closer look here.
The Announcement
On Tuesday, Power Nickel announced that owing to considerably high demand, it had decided to raise the size, or upsize, its best efforts private placement. As a consequence of the move, the company would offer a maximum of C$10 million worth of securities, which would make the aggregate gross proceeds as much as C$50 million. It was also noted that the offering was going to be made up of C$40 million worth Quebec flow through shares and non-flow through shares worth as much as C$10 million.
Further Information
The company went on to announce that the gross proceeds from the private placement would be used, in part, to take care of its Canadian exploration expenses. It remains to be seen if the stock gets any traction this morning in light of the new development.
Technicals
| +/- EMA(20) | 1.04 (+23.34%) |
| +/- SMA(50) | 0.8 (+60.34%) |
| +/- SMA(200) | 0.58 (+121.16%) |
| 5-Day Perf. | +15.55% |
| 1-Month Perf. | +71.87% |
| 3-Month Perf. | +154.91% |
| 6-Month Perf. | +159.13% |
| YTD Perf. | +75.71% |
| 1-Year Perf. | +633.39% |
| RSI(14) | 66.18 |
| ATR(14) | 1.7 |
| ADX(14) | 70.02 |
| Beta (5Y) | 24.78 |
