Sprylogics International Corp. (CVE:SPY) stock price rocketed up after the company announced results of an annual shareholders’ meeting.
SPY share price shot up 26% early today as the stock made it among the heaviest traded stocks on the Toronto Venture Exchange. The trading volume topped 2.25 million halfway into the session and beat the average 416 thousand more than 5 times.
This price jump was a reaction to results from the annual general meeting of shareholders which was held on Sep 15, 2011. The update was provided last Friday giving a whole weekend to assimilate the information.
Among the key decisions made during the meeting:
- The shareholders re-appointed Zeifmans LLP as auditors of the company for another year;
- A fixed stock option plan was adopted allowing for a purchase of 14.6 million shares, or around 20% of the outstanding amount;
- Election of six more directors was approved by the shareholders. The term of office of each director is one year, until the next annual meeting of shareholders is held.
The news allowed SPY share price to retain the upwards momentum it has established since the beginning of September. The stock price broke through resistance at 12 cents, which now serves as support and could help bulls to push it forward up.
