Anyone who is tracking stocks that have made substantial gains over the course of the past month or so must not have missed the gains made by the Global Battery Metals Ltd (OTCMKTS:REZZF) stock.
Major Developments
The stock has soared by as much as 200% during the past month and the remarkable rally in it continued on Tuesday. Yesterday, Global Battery Metals Ltd (OTCMKTS:REZZF) surged by another 33% and when a stock records such gains, it might be a good idea for investors to have a closer look at the company.
On January 25th, the company made a major announcement that proved to be a major boost.
Global Battery Metals announced the terms in relation to its non-brokered private placement. The private placement in question is going to be made up of a total of 1,416,667 units and is going to be priced at $0.12 each.
The company expects to raise a total of $170,000 in gross proceeds from the private placement.
In this regard, it is also necessary to point out that each unit is going to be made up of one common share in Global Battery Metals and a single share warrant.
The warrant is going to entitle the holder to get one common share in the company for $0.18 up until two years from the date on which the warrant was issued.
The proceeds from this private placement are going to be used by the company for evaluating projects and also for general corporate expenses. While the announcement of the terms of the offering was a significant event, it is important for investors to remember that it will still need to be accepted by the TSX Venture Exchange.
Finally, last month, Global Battery Metals also announced that the members of its board approved the initial drilling program at one of its properties. The property in question is in Ireland and is known as the North-West Leinster Lithium Project.
Disclaimer: We hold no position in Global Battery Metals Ltd (OTCMKTS:REZZF) stock.