This past Friday, the Royal Fox Gold (OTCMKTS:HBEXF) stock was trading within a range and there was not a lot of action in the stock. Despite that being the case, it is perhaps necessary for investors to remember that the company was also in the news on Friday and it could be a good idea to look into it.
Market Reaction
On Friday, HBEXF stock ended flat at $0.0400 with 100k shares, compared to its average volume of 2.7k shares. The stock moved within a range of $0.0400 – 0.0400 after opening trade at $0.0400.
Royal Fox Announces Private Placement of Flow-Through Shares
The company announced on March 18 that it was making an offer for a private placement of as around 8.83 million common shares that had been issued on a flow through basis. The placement is going to be of a non-brokered nature. Royal Fox Gold set the price for each flow through share at $0.06.
The company is looking to raise total proceeds to the tune of as much as $500,000. It goes without saying that it was a major new announcement from the company but it did not lead to much of a reaction from the market. The money that is going to be raised by Royal Fox is going to be deployed towards taking care of exploration expenses in Canada and it is going to be deemed as flow through expenditure. It remains to be seen if the stock can make a move this week.
Traders Review
HBEXF stock is trading below the 20-Day and 50-Day Moving averages of $0.0355 and $0.0364 respectively. Moreover, the stock is trading below the 100-Day moving average of $0.0383.
