It seems that investors are currently quite bullish with regards to the Stelmine Canada (OTCMKTS:STHFF) stock and that becomes apparent from the price action in the stock in recent times.
Market Action
On Thursday, STHFF stock moved up by 6% to $0.2186 with 20K shares, compared to its average volume of 17K shares. The stock has moved within a range of $0.2186 – 0.2342 after opening trade at $0.2278.
Completes $2.5 Million Private Placement and Announces Strategic Investment by Michael Gentile, CFA
The bullish trend continued on Thursday as the Stelmine stock ended the day with gains of as much as 6% and that took the gains made by the stock to as much as 12% over the course of the past week. The company was actually in the news yesterday after it made an announcement with regards to the fact that it had managed to close a private placement of a non-brokered nature.
Stelmine Canada announced that in the aforementioned private placement it had managed to sell flow through units and generated as much as $2,500,000 in the form of gross proceeds. However, that is not all.
It was also revealed that in addition to the private placement, Michael Gentile managed to pick up as many as 5,785,000 units in Stelmine Canada. Each unit was made up of one common share in the company and half of a common share purchase warrant. It was a significant development for the company and resulted in significant optimism among investors.
Key Quote
Stelmine CEO Ms. Isabelle Proulx commented: “We are very excited to welcome Michael Gentile as a major new investor. Michael’s support comes at a pivotal time for the Company as we build out the Stelmine team in anticipation of initial results and more drilling at Courcy followed by maiden drilling at our very promising Mercator Project. Michael’s confidence supports our strong belief that we’re on track to prove the viability of a new gold district in Quebec.”
 Stock Extends Rally: Jumps 12% In a Week){kind=link}