NG Energy International Corp (OTCMKTS:GASXF) Stock Gains After Recent Development

If you are currently looking into energy stocks then you could do well to take a closer look at NG Energy International Corp (OTCMKTS:GASXF). The company had been in the news this past Friday following a key announcement and it could be a good idea for investors to take a closer look.

Trading Data

On Friday, GASXF stock surged 2.22% to $0.6631 with 58.38K shares, compared to volume of 25.84K shares. The stock moved within a range of $0.5632 – 0.6692 after opening trade at $0.5764.

NG Energy Announces An Offering Of Up To $25 Million Of Senior Secured Convertible Debentures Led By A Group Of Strategic Investors

NG Energy announced that it had managed to get a financing commitment to the tune of as much as $25,000,000 from a strategic consortium of strategic investors. It should be noted in this regard that insiders from the company are also going to be participating in this round of financing.

The company is going to raise the investment by participating in a non-brokered private placement. To that end, NG Energy is going to issue as many as 25,000 convertible senior secured debentures and the issuance price of those debentures are going to be $1000 each. The total gross proceeds from the placement have been pegged at $25,000,000.

However, at the same time, it should be noted that the whole thing can only go through once it has been approved by the TSX Venture Exchange. It remains to be seen if the NG Energy stock gets any traction today or not.

Traders Corner

GASXF stock is trading below the 50-Day and 200-Day Moving averages of $0.67 and $0.94 respectively. However, the stock is trading above the 20-Day moving average of $0.62.