NG Energy International Corp (OTCMKTS:GASXF) Stock Extends Rally: Soars 30% in a Month

NG Energy International Corp (OTCMKTS:GASXF) stock continued to trend higher in the previous trading session. The stock has soared 30% over the past month.

Market Action

On Friday, GASXF stock rose at $10.89. A total of 106K shares traded for the session hands, compared to its average volume of 21K shares. The stock opened at $1.0100 and moved in a range of $1.0100 – 1.2000.

Recent News

Silo Pharma achieves milestone – Partner Zylo Therapeutics Receive DEA Approval to Advance …

NG Energy International announced that it has increased the size of the previously announced financing to C$8,000,000. The Company will issue 8,000,000 units (each, a “Unit”), at a price of C$1.00 per Unit, for gross proceeds of C$8,000,000. Each Unit consists of one common share and one share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional share at a price of C$1.20 for a period of twenty-four (24) months from the date of issuance. The Warrants are subject to potential accelerated expiry in the event the closing price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $2.00 for twenty consecutive trading days.

Completion of the private placement remains subject to the approval of the TSX Venture Exchange.  All securities issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period. The Company anticipates paying a 6% finders’ fee, payable in cash or Units, to certain eligible parties who have introduced subscribers to the placement.

Key Quote:

Eric Weisblum, CEO of Silo Pharma stated “The development of a transdermal Ketamine therapeutic with the patented Z-Pod® technology is an exciting opportunity for Silo.  The DEA’s approval advances the development  and ability to deliver Ketamine and potentially Psilocybin in a time-released or dosage-controlled manner.  We look forward to updating investors on this partnership as milestones are achieved.”

Trader Notes:

GASXF stock is looking strong as it is trading above all the key moving averages with 50-day and 200-Day SMA stand at $0.87 and $0.97 respectively. The stock has soared 42% over the past 3-month. The RSI stood at 77.