O3 Mining Inc (OTCMKTS:OIIIF) Stock Jumps After Agreement to Sell East Cadillac Project

Anyone who is currently looking into mining stocks this morning could consider taking a closer look at the O3 Mining Inc (OTCMKTS:OIIIF) stock, which clocked gains of as much as 3% on Thursday.

Market Stats

On Thursday, OIIIF stock gained 3.30% to $1.83 with 2K shares, compared to its average volume of 20.25K shares. The stock moved within a range of $1.7500 – 1.8300 after opening trading at $1.75.

O3 Mining Signs Definitive Agreement to Sell East Cadillac Project to Cartier Resources

The company came into focus in a big way on Thursday after it announced that it had gone into a definitive share purchase agreement with the company Cartier Resources Inc. As per the provisions of the agreement, O 3 Mining is going to sell the entirety of its interest in the East Cadillac Project which is situated in Quebec in Canada.

In exchange for giving up the interest in the East Cadillac Project, the company is going to get as many as 46273265 common shares in Cartier. That is a hefty chunk of shares and makes up as much as 17.5% of the outstanding common shares in the company. The announcement came as a source of excitement for investors and that was possibly the reason behind the rally yesterday. At this point in time, it may be a good idea for investors to consider adding the stock to their watch lists and watch for further price action.

Traders Corner

OIIIF stock is trading below the 20-Day and 50-Day Moving averages of $1.87 and $1.83 respectively. However, the stock is trading above the 200-Day moving average of $1.70.