If you are looking into stocks which might have recorded impressive gains over the course of the past month then it might be a good move to look into the Gear Energy Ltd (OTCMKTS:GENGF) stock.
The stock was in focus among investors yesterday and managed to clock gains of 32% to take its total gains for the past month to as much as 40%. There has been no news about the company in recent weeks but investors could consider taking a look at a major development from back in May this year. At the time the company announced that it had been given an extension with regards to the half-yearly borrowing base redetermination.
The company announced that it had available credit facilities to the tune of $60 million at the end of March 31, 2021. The semi-annual redetermination of the same was supposed to take place on May 31, 2019 and the maturity date was supposed to be May 27, 2021.
While the company was in the process of completing the redetermination process with its banking partners, Gear Energy also managed to get an extension up until June 31, 2021. The extension has been awarded to the company in order to get the necessary approvals.
On Monday, GENGF stock moved up by 32.22% to $0.80 with more than 1.11 million shares, compared to its average volume of 232K shares. The stock has moved within a range of $0.6002 – 0.8094 after opening the trade at $0.6560. Over the past 52-week, the stock has been trading within a range of $0.1080 – 0.8094.