Yesterday, Legend Oil and Gas Ltd (OTC:LOGL) stock shot a new high on the recent announcement about the signed non-binding letter of intent (LOI) with the Canadian company International Sovereign Energy Corp. (TSE:ISR), (PINK:ISEYF). According to the agreement, LOGL may acquire all land and production interests of ISR's in Canada.
The anticipated closing date of the acquisition is August 31st, because the approval of ISR's shareholders is required.
Parallel to the planned acquisition of ISR was the resignation of Marshall Diamond-Goldberg as a Director of ISR. At present, Mr. Diamond-Goldberg is also a Director, President and Chief Executive Officer of Legend Oil and Gas Ltd. The Board of ISR has accepted his resignation with the following statement: “We are sorry to see Marshall leave our Board. He has been a tremendous asset for our company over the past year in assisting the Company in evaluating potential opportunities.”
Legend Oil and Gas Ltd released the news about the substantial development plans on Tuesday, when the price of shares advanced with 4.33%. Looks like investor appreciation towards LOGL came just yesterday.
The strong upward move of the company's shares continued from the previous day. This time, it has been confirmed by a trading volume of more than one million shares, exceeding six and a half times the daily average turnover.
In addition to the new record in the trading activity of LOGL, was the movement of its share price.