While it is true that the New Jersey Mining Company (OTCMKTS:NJMC) was trading within a range on Monday, it should be noted that the company did make a key announcement that investors might look into.
On Monday, NJMC stock fell 0.23% to $0.4350 with 132K share, compared to its average volume of 129k shares. The stock has moved within a range of $0.4000 – 0.4600 after opening trade at $0.46.
Completes Reverse Stock Split and Name Change to Idaho Strategic Resources, Inc.
Yesterday, the company announced that it had concluded the corporate actions that were necessary with FINRA and other associated moves in order to complete the reverse split of its common stock in a 1 for 14 ratio. In this regard, it should be noted that the decision with regards to the reverse split had already been approved by the New Jersey Mining shareholders.
However, that was not all. In addition to that, it was also announced that the shareholders had also approved the move to change the name of the company to Idaho Strategic Resources. The stock started trading under its new name and on a split adjusted basis from yesterday. The stock is going to continue to be listed on the OTCQB under the ticker symbol NJMCD. Although there was not a lot of action in the stock on Monday, it now remains to be seen if the stock comes into focus among investors or not over the course of the coming days.
NJMC CEO and President John Swallow stated, “We continue advancing on a number of fronts – corporate, operations, personnel, exploration, etc. The FINRA approval was required to change our name and continue with up-listing to the NYSE American, and the next steps are underway. In addition to gold and real estate as historically recognized stores of value, we feel our domestic rare earth element (and associated energy) positioning provides stakeholders with a desirable early-stage risk/reward scenario. The anticipated supply/demand profiles in these nascent yet vital industries are adding to what is already a very exciting time for our company.”
NJMC stock is trading below the 10-Day and 20-Day Moving averages of $0.4388 and $0.4427. Moreover, the stock is trading is the neutral zone with RSI stands at 50. Key pivot point is $0.4317.