There were many stocks which rallied strongly last Thursday and one of those was the Canterra Minerals Corporation (OTCMKTS:CTMCF) stock. The stock rallied following a key announcement from the company and ended up with gains of as much as 5% as a consequence.
Market Action
On Thursday, CTMCF stock ended up by 5% at $0.21 with 7.3K shares, compared to its average volume of 12.7K shares. The stock has moved within a range of $0.2000 – 0.2100 after opening trade at $0.2054.
Canterra Minerals Announces Closing of Non-Brokered Private Placement
In this situation, it may be a good move for investors to take a closer look at the specific announcement. The company announced that it had managed to final close its private placement and raised as much as $1.1 million in the form of gross proceeds. It should be noted that the offering was of a non-brokered nature.
In this offering, Canterra Minerals Corporation offered a total of 3692500 flow through common shares and priced it at $0.30 each. In this regard, it is perhaps more important for investors to keep in mind that the company intends to use the proceeds from the offering for supporting its exploration initiatives.
The two projects which are going to be in focus are the Lemarchant and Noel-Paul projects, which are owned in their entirety by Canterra Minerals Corporation. It now remains to be seen if the stock can continue to add to its gains over the course of this week.
Traders Note
CTMCF stock is trading below the 10-Day and 50-Day Moving averages of $0.2153 and $0.2179. Moreover, the stock is trading is the oversold zone with RSI stands at 48. The stock is up 10% over the past month.
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