Metal Hawk (ASX:MHK) share price closes 265% higher on action-packed day

Metal Hawk shares continued their run into the green after a trading halt was lifted
The post Metal Hawk (ASX:MHK) share price closes 265% higher on action-packed day appeared first on The Motley Fool Australia. –

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.

The post Metal Hawk (ASX:MHK) share price closes 265% higher on action-packed day appeared first on The Motley Fool Australia.

Should you invest $1,000 in Metal Hawk right now?

Before you consider Metal Hawk, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Metal Hawk wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Metal Hawk (ASX:MHK) share price explodes 256% on huge nickel discovery

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!