On March 10, Tanzanian Gold Corp. (TRX) stock soared high in the after-hours while it had been almost stagnant near its low for the past few days. With no official news from the company, the stock seems to have enjoyed the gains due to the upsurge in Nickel and Gold prices.
In the regular trading session, the stock remained bullish with a gain of 2.36%, adding just $0.01. The stock closed the session at a price of $0.40 per share while 12.56 million shares exchanged hands. The volume of the session was a huge 1,685% of the average 745.26K shares. Following this, the stock soared high in the after-hours session to add 32.77%. Hence, TRX stock was trading at $0.53 per share in the after-hours at an active volume of 8.82 million shares.
Founded in 1990, Tanzanian Gold Corp. is building a gold project at Buckreef in Tanzania along with its joint venture partner STAMICO. Currently, the company’s 273.09 million outstanding shares trade at a market capitalization of $106.54 million.
What Happened with TRX?
The ongoing Russia-Ukraine conflict has shot up a layer of uncertainty across all stock markets. With the increasing sanctions on Russia, the oil and energy industry has been volatile with a hike in energy prices. Subsequently, grain prices have also witnessed an upsurge as of late. Recently, the metal industry also entered a bullish trend with an upsurge in metal prices including Nickel and Gold. Thus, investors zeroed in on mining and metal stocks as a result of the upsurge in prices. TRX stock also seems to have gained quite the attention as it was trending at a humungous 1,685% of the average volume.
2022 Annual Meeting Results
On February 28, the company shared the voting results for its Annual General and Special meeting which took place on February 25. As per the results, all the items of business were approved by a majority of votes in the meeting.
A special resolution was passed and approved during the meeting for changing the name of the company to “TRX Gold Corporation”.
Moreover, Rosalind Morrow ceased to be a director as she did not stand for re-election while all the other directors were re-elected. Additionally, Richard J. Steinberg, a partner at Martineau DuMoulin LLP, was appointed to the board of directors.
The shareholders also approved renewing the company’s omnibus equity incentive plan of June 26, 2019.
