On Monday AXMIN Inc. (CVE:AXM) (PINK:AXMIF) stock price added 23% and broke out above the last recorded resistance that could be seen at 7 cents per share. The trading volume was over 3 million, significantly above the average of 663.6 million.
This price increase continued the prevailing uptrend which is apparent since the beginning of the year and was recently getting more thrust. AXM price easily passed above the 200-day MA as well. This could become the necessary catalyst to further boast the price since the stock will be appearing in on market screens and attracting further interest.
The rally could, to some degree, be justified by recent news. On January 27, the company appointed a new Chief Financial Officer. Janina Dusza holds a record of expertise in risk identification, auditing, financial reporting and internal control stewardship, which will be beneficial to Axmin.
A couple of days earlier, on January 26, the company also announced to have signed four debt mandate letters for $85 million, which can potentially raise the capacity of their total debt facilities to a total of $185 million. The company uses the funds to develop the Passendro Gold Project in the Central African Republic. Legal and technical issues still need to be dealt with for the funds to become available.
