Yesterday, Pele Mountain Resources Inc. (CVE:GEM), (PINK:PMNHF) stock proved to be the next gem of GEM. During the trading session, GEM stock spiked up by 14.55%, striking a new 52-week high.
Even the 30.95% share price explosion from the previous day was not able to convince investors to change the upward direction of GEM.
Following the news of the day that Pele Mountain Resources Inc. is strengthening the technical team in preparation for the development of its Eco Ridge Mine Uranium and Rare Earth Elements Project at Elliot Lake, investors overwhelmed the psychological limits.
On the TSX Venture Exchange, this resulted in a closing price for GEM at $0.315 per share and a new 52-week high. The volume traded was more than five times the average for the company.
On the American OTC Grey market, the shares’ stir was also well appreciated. PMNHF stock soared 17.72% between the sessions on a volume exceeding 657 thousand shares.
Maybe you still ask why is GEM stock the next gem of GEM?[BANNER]
In the middle of September, the company released some optimistic market data, along with its developments related to the rare earth elements.
The gem GEM stock was the basis of the next positive development of the company. A few weeks ago, Pele Mountain Resources Inc. raised funds in a private placement in order to ensure resources for the funding of its exploration and development activities, as well as funds for general working capital purposes.
And finally, the last but not less important fact is that the gem GEM stock has gained 142% from the time of the above mentioned release last month.
