Victory Resources Corporation (OTCMKTS:VRCFF) Stock Falls 14% in a Week: Here is Why
Victory Resources Corporation (OTCMKTS:VRCFF) is down 14% in a week. The company has completed a non-brokered private placement, as confirmed on November 2, 2021, for gross proceeds of around $1.094 million.
Market Stats
On Thursday, VRCFF stock closed lower by 14% at $0.0521 with more than 479K shares, compared to its average volume of 72K shares. The stock has moved within a range of $0.0515 – 0.0570 after opening the trade at $0.0560.
Raises over $1 Million
Victory issued 19.89 million units, with each unit comprising one Victory Resources common share and a common share purchase warrant. Warrants entitle holders to acquire additional common shares at CD$0.07 per share for the next one year. The warrant’s exercise will be subject to the previously announced acceleration clause.
The company paid eligible finder’s fees of around $56,063.99 in cash. It will issue an aggregate of 1,019,345 warrants that are non-transferable and are subject to the same offering conditions and terms. Victory Resources will use the proceeds for then offering for its ongoing drilling and exploration project on current projects that include the Smokey Lithium Property in Esmeralda County, Nevada. Part of the funds will be used in general working capital to advance operations. So in the coming weeks, VRCFF is worth watching.
Traders Corner
VRCFF stock is trading below the 20-Day and 50-Day Moving averages of $0.0565 and $0.0551 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0651. The stock is up 21% in the past month.
