Endocoal Limited
Endocoal (ASX: EOC) is focused on the exploration and development of hard-coking, thermal and PCI coal projects in the Bowen Basin.
Endocoal shares jump 23% in three days on higher volume
Wednesday, February 08, 2012 by Christine Feary
Endocoal (ASX: EOC) shares have risen 23% on increased volume over three days, earning the company a speeding ticket from the ASX.
The company’s shares rose from a low of $0.44 on Monday February 6 to an intraday high of $0.54 today.
The volume of shares traded also increased in that time, from 371,262 on Monday to 1.2 million on Tuesday.
Today the volume of shares traded was back down at 362,529 shares in 31 trades.
Endocoal has responded to the ASX price query, saying that the movements could be related to:
- An initial substantial shareholder notice lodged by HM Endo Holdings BV and its controllers on February 6.
- The successful completion in January of an institutional placement to raise A$12 million to fund exploration at the Rockwood Project and finalise the project evaluation for Meteor Downs South.
- The announcement in December that the company has received multiple unsolicited indicative non-binding expressions of interest regarding potential corporate transactions at the asset and/or corporate level.
Endocoal confirmed to the ASX that it is in compliance with the Listing Rules, in particular Listing Rule 3.1.
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