After two days of correction, Far East Energy Corporation (OTC:FEEC) stock was pushed up again by buyers.
Since the end of August, FEEC stock has no time to take a breath and rest, in a hurry to make the next price soar.
The flying up of FEEC started at the end of last month, when the company announced the sale of an aggregate amount of approximately 105.5 million shares of its common stock in a registered direct offering.
After deducting the placement agent’s fee and the estimated offering expenses and given that the minimum number of shares are sold, the company plans to receive net proceeds of $27,936,965.
FEEC announced, that it intends to use the proceeds from the offering to continue the drilling, for the completion and the testing of coal bed methane wells in China, for general corporate purposes, and possibly to repay certain outstanding debts.
One day after the expected closing date of the offering, FEEC was worth $0.35 per share. Last Wednesday, the company’s operations conference call took place and must have also added value to FEEC stock.[BANNER]
Looks, like one of the strongest factors for the latest FEEC rush was the non-official information that a fund related to George Soros has picked up stakes in FEEC.
Yesterday, FEEC opened the trading session with a slight decline, maybe to accumulate energy again. The closing price of the shares was 2% higher than the previous day and the volume was twice the average trading volume.
Since the date of the above mentioned offering and the following events, FEEC stock has soared 52.24%.
