Legend Oil and Gas Ltd (OTC:LOGL) stock is in the calm before the storm. Days remain until the anticipated closing date for the acquisition of International Sovereign Energy Corp. (TSE:ISR).
Yesterday, LOGL closed the market at $2.19 per share in a volume of more than 235 thousand shares changing hands.
Though the time devoted to due diligence from the two companies and investors will slow down the temp of trades, only this week the trading volume of LOGL is below the daily average for the company. The shares of LOGL are highly demanded constantly since July, when the company announced its plans to acquire ISR.
Since the beginning of the month, on the price chart of LOGL the MACD is below the red signal line. As opposed to some expectations that the wide divergence between the two lines is not jet suggesting a change in the slow downward move of LOGL, during the last two trading sessions the share price increased by 5.3%.
Maybe, with each succeeding day the tensions surrounding the transaction thicken and the need of actual information increases.
At present, with the exception of the official information about the non-binding letter of intent between the two companies, there is one more actual disclosure.
As opposed to the formal procedures done by Sovereign Energy Corp., currently Legend Oil and Gas Ltd has not made any announcements related to a meeting of the company's shareholders.