After registering strong gains earlier in the month, the stock price of Calissio Resources Group Inc. (OTCMKTS:CRGP) crashed horribly in this week. The stock declined more than 11% on Monday followed by another weak session on Tuesday. It failed to recoup its losses in last trading session and closed flat at $0.00190. The traded share volume was 173.88 million compared to monthly average share volume of 58.32 million, and market cap stood at $226,970. This decline comes after the dissipation of the recent artificial hype surrounding the stock.
The buzz
Calissio reported that it retired 77 million shares of company’s common stock, which was quite encouraging. But, it didn’t highlight that it has to still deal with remaining 243 million shares. The company reported 3 million shares of its common stock after it completed a reverse split process last year. This indicates that even after discounting the recent closure, the company recorded huge dilution of nearly 8000% in less than a year.
The performance
Last week, the company reported financial numbers for 2Q2015 wherein it revealed that it produced over total 1.14 lbs. of copper from its two mines located in La Jovita and San Pedro. It posted net revenue of more than $4 million while gross revenue came at nearly $9 million. Adam Carter, the CEO called it as another successful quarter, with record revenue and production during the reported period.
The sale
In late July, Calissio Resources Group Inc. (OTCMKTS:CRGP) reported that it has finalized a deal with MC whereby the company will liquidate its entire stake in San Pedro Mine. During the announcement, the CEO stated that they will report the agreement details by August 21, 2015. The company is working to formulate an expert professional mining team by making changes in the Board of Directors and adding new staff to fulfill the requirement at La Jovita Mine.
