The term “pumps” is not something on the OTC marketplace. The promotional pumps are circulated to boost the share prices of the stock. In last one month, Valmie Resources Inc (OTCBB:VMRI) has been a new target of pumps. The pumps circulation for the company started in mid-March which boosted the share price of the company to over $3.20 from $2 per share in few weeks.
The upward trend has halted now. It would be more appropriate to say that the stock price has given all the gains. It posted just two green sessions in last two weeks. In yesterday’s trading session, the stock managed to post gains of more than 8.49% to close the trading session at $1.15. The gains came at a share volume of 173,179 compared to average share volume of 56,653. The high for the day was $1.30 while the low was $0.97. On the previous day, it declined more than 24% with massive share volume of 111,529.
The promotional entities are unbothered by the recent decline in prices and they are still busy circulating the promotional emails. Few days ago, Valmie stated that it will be present in the Unmanned Systems event and requested potential acquisition firms to get in touch with the team. The news hardly moved investors and they have a rationale behind it.
Valmie Resources Inc (OTCBB:VMRI) share price when was trading around $3 a share, the market capitalization was close to $180 million mark. During that period, the shareholders anticipated strong financial performance from the quarter ended February 28. The numbers came below expectations as the company posted $5,277 in cash, $349,746 as total liabilities and total assets of $31,127. The revenue was $0 and the net loss stood at $135,320. Also, it sold 59 million shares of its common stock for under $10,000.