Snow Lake Resources’ (NASDAQ:LITM – Get Rating) lock-up period is set to expire on Wednesday, May 18th. Snow Lake Resources had issued 3,200,000 shares in its initial public offering on November 19th. The total size of the offering was $24,000,000 based on an initial share price of $7.50. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.
LITM stock opened at $3.48 on Wednesday. The firm’s fifty day moving average price is $6.43. Snow Lake Resources has a one year low of $3.21 and a one year high of $18.42.
Hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC acquired a new stake in Snow Lake Resources during the fourth quarter valued at $81,000. Lynwood Capital Management Inc. acquired a new stake in Snow Lake Resources during the first quarter valued at $470,000. Kepos Capital LP acquired a new stake in Snow Lake Resources during the fourth quarter valued at $576,000. Murchinson Ltd. acquired a new stake in Snow Lake Resources during the fourth quarter valued at $595,000. Finally, JS Capital Management LLC acquired a new stake in Snow Lake Resources during the fourth quarter valued at $202,841,000. Institutional investors own 8.17% of the company’s stock.
Snow Lake Resources Ltd., a natural resource exploration company, engages in the exploration and development of mineral resources in Canada. The company explores for lithium mineral resources. Its primary asset is the Thompson Brothers Lithium property, which consists of 38 contiguous mining claims located in Manitoba.
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