It might be a good move from investors to keep an eye on the Red Metal Resources Ltd (OTCMKTS:RMES) stock this morning. Although it is true that the stock declined by as much as 3% on Wednesday, the company did make a key announcement that could bring it back in focus today.
Market Reaction
On Wednesday, RMES stock moved down 3.25% to $0.1550 with more than 18.79k shares, compared to its average volume of 9.96K shares. The stock has moved within a range of $0.1550 – 0.1798 after opening trade at $0.17.
Listing Date on the Canadian Securities Exchange, Grant of Stock Options and Closing of Subscription Receipt Offering
The company announced on Wednesday that the Canadian Securities Exchange had awarded it the final approval in relation to the listing of its stock on the exchange. The stock had started trading on the exchange from November 25, 2021 under the ticker symbol RMES.
While that was an important announcement in itself, the company also noted announced at the same time that it had also closed a subscription offering successful. Red Metal managed to bring as much as $969030 in the form gross proceeds from the aforementioned offering.
The final escrow for the same was delivered by the company to the Computershare Trust Company of Canada. In light of such developments, the investors did not show any particular optimism for the stock and the stock suffered from a bit of a selloff. However, it now remains to be seen if the Red Metal stock can make a comeback today.
