On Tuesday Global Atomic Corporation (OTCMKTS:GLATF) was in significant focus in the markets after it made a key announcement and soon enough the stock went on a rally as well. The Global Atomic stock has been a major mover over the past week and has managed to record gains of as much as 18% during the period.
Yesterday, the stock jumped by 4% after the company announced that it the government of the Republic of Niger sent in a notification indicating that it was not going to raise its ownership stake in Global Atomic’s Dasa Uranium Project.
The government noted that it was not going to be have a stake that is bigger than 10%, which is the minimum interest that it needs to have as per the provisions of the Mining Code. Atomic Energy is now going to be involved in the establishment of its Niger based subsidiary company and 90% of that company is going to be owned by the company, while the rest is going to be held by the Republic of Niger.
It was a significant development for the company and hence, it is no surprise that investors move in on the Global Atomic stock yesterday.