Foremost Lithium Resource & Technology (OTCMKTS:FRRSF) Stock Continues To Trend Lower
The completion of an acquisition is almost always seen as a significant event for any company and hence, it could be a good idea for investors to take a closer look at the announcement from Foremost Lithium Resource & Technology Ltd (OTCMKTS:FRRSF) yesterday. The company announced yesterday that it had completed the acquisition of a 100% stake in the Lac Simard South property that it had announced previously.
Trading Data
On Monday, FRRSF stock moved down 4.31% to $0.1110 with more than 16.69K shares, compared to its average volume of 68.13K shares. The stock moved within a range of $0.1120 – 0.1120 after opening trade at $0.1120.
Foremost Closes Previously Announced Acquisition of Lac Simard South Property in Quebec
The acquisition is a significant one considering the fact that the property consists of as many as 60 claims spread across an area of 3485 hectares. It should also be noted that the property also hosts 12 identified pegmatites that had been identified through satellite imagery.
However, that is not all. It was also announced that Foremost Lithium Resource & Technology had independently staked and recorded as many as 20 more mineral claims which are present on the borders of these 60 claims.
That raised the land package of the property to 80 mineral claims and expanded the total area to 4647 hectares. To close the transaction, Foremost Lithium Resource & Technology paid $17,500 and GST to the vendors in addition to 535,000 shares of its common stock for the deemed price of $0.15 each.
