Last Friday, the Tonogold Resources Inc (OTCMKTS:TNGL) stock was in the middle of a major selloff and ended up with a decline of as much as 24% amidst heavy pressure.
On Friday, TNGL stock fell 24.31% to $0.0302 with 1.51 million shares, compared to volume of 149.06K shares. The stock moved within a range of $0.0301 – 0.0380 after opening trade at $0.0380.
Tonogold Resources, Inc. Declines To Exercise Option To Acquire the Lucerne Properties, Receives Termination Notice for Processing Facility Option and Mineral Exploration Lease
At this point, it may be a good move for investors to figure out if the stock is going to continue to slide or if there may be a rebound on the horizon. The company was in the news back on January 5 last week after it announced that that it had decided against exercising its option to complete the acquisition of Lucerne Properties from Comstock Inc. The announcement came as a source of pessimism among investors and the decline in the stock was perhaps a reflection of that.
The Lucerne Properties for which the company had an acquisition option comprises of the Lucerne mine, which had been producing in the past. The mine in question had been developed by Comstock Mining back in 2012.
However, that was not all. The option with regards to the processing facility named American Flats and Northern Targets mineral exploration lease had also been cancelled by Comstock Inc. That had been done as a result of past due balances.