Group Metals Ltd. (NYSE American: PLG) stock jumped in the pre-market. The stock jumped 19.95% to $4.81. This Company’s stock price has swung wildly this year because investors sometimes want to push the stock price up and down.
Moreover, the Company revealed on December 1, 2020, that the Firm plans, subject to regulatory approval, selling 1,121,076 common shares of the Company to the present main beneficial shareholder, Hosken Integrated Investments Limited, for US$2.23 each for gross proceeds of US$2.5 million.
The Group plans to use the Private Placement’s gross profits for its share of pre-development expenses in South Africa for the Waterberg Plant, partial redemption of debt, and standard business and working capital needs. The closure of the Private Placement is subject to the standard closing terms, including the stock market’s consent and the conclusion of the final agreement.