Over the course of the past month, the struggle has been quite real for investors in the Fireweed Zinc Ltd (OTCMKTS:FWEDF) stock. The stock has suffered from a steady selloff during the period and recorded a decline of as much as 20%.
Market Action
On Wednesday, FWEDF stock ended flat at $0.4830 with 5 shares, compared to its average volume of 4.7k shares. The stock has moved within a range of $0.4830 – 0.4830 after opening trade at $0.4830.
Fireweed Zinc Closes $5.18 Million Private Placement
That being said, it may also be a good time for investors to take a closer look and work out if the steep fall could prove to be an opportunity in the Fireweed Zinc stock or not. Yesterday the company was in the news after the company announced that it had been successful in concluding a non-brokered private placement.
Fireweed Zinc announced yesterday that it managed to bring in gross proceeds to the tune of C$5,178,400. The whole thing had initially been announced by the company back on November 24, 2021.
In the particularly offering, the company had offered as many as 6,473,000 flow through common share units in Fireweed Zinc and the units had been priced at C$0.80 per share. In this regard, it should be noted that the offering had actually been oversubscribed. Initially, the size of the offering had only been $3.6 million but later on the company decided to raise its size due to the heavy interest.
Traders Note
FWEDF stock is trading below the 20-Day and 50-Day Moving averages of $0.5448 and $0.6159. Moreover, the stock is trading is the oversold zone with RSI stands at 26. The stock is down 21% over the past month.
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