Metal Hawk shares continued their run into the green after a trading halt was lifted
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The Metal Hawk Ltd (ASX: MHK) share price has continued its trail-blaze into the green and finished the session on Tuesday changing hands at 67.5 cents. That’s a 265% gain on the day.
After a price-sensitive announcement earlier this morning, the company went into a requested trading halt just before lunch.
When its trading halt was lifted, Metal Hawk’s shares gained further momentum as the company released two additional announcements this afternoon. At one stage today the shares were up around 300% to 75 cents.
Let’s investigate further.
What else did Metal Hawk announce today?
The Metal Hawk share price was already on the way up today after the company announced a “massive” nickel discovery at its Berehaven Nickel project.
The discovery was made via the maiden reverse circulation (RC) drilling program at the site, and diamond drilling is now set to take place.
Given the recent rally in the spot price of nickel, it makes sense why the Metal Hawk share price came on investors’ radar.
However, since then, and after a brief pause in trading, Metal Hawk gave an update on its “massive” nickel find.
In a secondary release, the company gave additional colour on the nature, type, and abundance of nickel observed.
Then a short time later Metal Hawk announced it had issued an additional 200,000 fully paid ordinary shares at a “deemed issue price of 22.5 cents per share”, in relation to the purchase of the Snake Hill tenement.
Metal Hawk first announced the Snake Hill acquisition late last month, to fully consolidate the Berehaven project, alongside the purchase sum in shares. So it appears that today was just when the exchange happened.
These announcements appear to have had a material outcome on the Metal Hawk share price, alongside the “massive” nickel discovery.
Metal Hawk share price snapshot
The Metal Hawk share price has earned most of its gains this year in one session today.
Prior to today’s announcement, it was trading flat at an average of around 20 cents a share. Now, it’s well ahead of the S&P/ASX 200 index (ASX: XJO) over the last week.
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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.