The past few days have not been particularly great for GFG Resources Inc (OTCMKTS:GFGSF) as the company’s stock suffered from a steady selloff. The trend continued on Wednesday as the stock declined by as much as 3% amidst a selloff and stretched its decline over the course of the past week to as much as 12%.
Market Action
On Wednesday, GFGSF stock moved down 2.74% to $0.15 with 20K shares, compared to its average volume of 121K shares. The stock moved within a range of $0.1499 – 0.1527 after opening trade at $0.1527.
GFG Receives TSXV Conditional Approval for Acquisition of WWCC Gold Property
As it happens, the company was actually in the news yesterday after it announced that it had managed to get the conditional approval from the TSX Venture Exchange for its acquisition transaction with International Explorers and Prospectors Inc.
The transaction in question is in relation to the acquisition of the entire stake of a WWCC property that spans across an area of 6500 hectares. It was also announced that after it got the approval from the exchange, it expects to conclude the transaction at some point in the near future.
GFG Resources is one of the better known names in the precious metals exploration space and the latest announcement could only be a major positive for the company in the near future. It now remains to be seen if the stock can make a recovery any time soon.
Traders Note
GFGSF stock is trading below the 20-Day and 50-Day Moving averages of $0.1559 and $0.1545 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 50.
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