Looking to to explore their Mt. Heimdal flake graphite property in British Columbia, the penny stock of Lithium Corp. (LTUM) is seeing some excited bullishness head its way as it begins it’s second trading session with a gap up. Shares of LTUM stock closed at 0.098 on Wednesday, up 23.27% on the session, but have already, in less than 15 minutes of trading, exceeded the volume from yesterday’s session as the PPS broke upwards to as high as 0.12 before 9:44AM EST. With a shift in the upper management for the lithium explorers and a poorly timed insider sale from over a month ago, traders have jumped into their own exploration stages with this prospector in hopes of an even greater upside to this morning’s early rally.
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LTUM Stock Quote
Market Cap: 8.46M
Last: 0.118 ▲ +0.02 (+20.41%)
Dollar Volume: $29,709
14-Day RSI: 57.85%
1st Resistance Point: 0.1235
1st Support Level: 0.1085
52Wk High: 0.183
52Wk Low: 0.0151
Back on August 20, shares of LTUM stock were trading right around 0.08 when Lithium Corp. announced the sale of one of their properties, yielding them $1.25 million and a further $1 million, held in escrow, which is due to be paid out on the first anniversary of the closing of the deal. Seeing as how total operating costs for the 6 months ended June 30, 2014 and 2013 were just $140,862 and $161,675, the deal was solid enough to allow for the follow up announcement last week: Lithium Corporation Starts Exploration Work at Mt Heimdal Flake Graphite Property
Lithium Corp. acquired the MT. Heimdal property back in April, 2013 whereby they earned a 100% interest in the claims laid subject to a 1.5% net overriding royalty. Although this is the first real efforts being made to check out how propectable the lode claims may be, the significant cash balance on hand at the end of Q2, $553,191 compered to the $807,556 on hand at the start of the year, leaves room for a proper exploration team to go in and see just how much graphite flake can be mined and how much it will cost to do so.
Traders who jumped onto the LTUM bandwagon since the start of August are happy as pigs compared to former President Alexander Walsh who sold off 39,020 of his 10,719,020 shares for just $0.036 in the open market. With shares up over 100% over the last 6 weeks and volume starting to really begin to pick up, having a proper look at just how thin LTUM stock is could be worth exploring before the closing bell today.
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About LTUM Stock
Lithium Corp. is a development stage company engaged in the acquisition and development of certain lithium interests in the state of Nevada.
Issued and Outstanding: 74,661,408
Last 5 Trading Sessions:
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