Stocks which made gains this past Friday are the ones which are likely going to be in focus among many investors on Monday and one such stock is that of Orea Mining Corp (OTCMKTS:OREAF).
On Friday, OREAF stock moved up 9.17% at $0.1456 with more than 1.53 million shares, compared to its average volume of 1.92 million shares. The stock has moved within a range of $0.1220 – 0.1528 after opening the trade at $0.1271.
The company announced last week that it was aware of reports in the media with regards to the claims filed by the controlling shareholder companies of Nord Gold PLS, Orea’s joint venture partner.
The joint venture in question is the gold mine development project that is located in French Guaina. The two shareholding companies have filed a claim seeking as much as $4.6 billion in compensation under the provisions of the confidential arbitration process.
The two companies believe that the amount is representative of the 55.01% share that Nord Gold holds in the joint venture. Orea informed on Friday that although it was aware of the reports in the media, there has not been any claim of that nature from Nord Gold yet. Hence, it has not been able to confirm the veracity of the reports either. However, the statement from Orea seems to have helped in calming investors and that may have been the reason behind the rally in the stock.
OREAF stock is trading below the 20-Day and 50-Day Moving averages of $0.16 and $0.16. The stock is down 33% in the past month.