BOREAL WATER COLLECT (OTCMKTS:BRWC) Back in Triple Zeroes

After a curious afternoon bout that sent Boreal Water Collection, Inc. (OTCMKTS:BRWC) up 50% on Tuesday, another volatile session sent the ticker back in triple zero territory. Yesterday BRWC slipped 25%, very nearly wiping its Tuesday move in full. The price stopped at $0.0009 per share after 215 million shares changed hands.

Heavy selling pressed BRWC under its previous close almost immediately after the opening bell. People were cheering at the company eliminating convertible debt just a day ago but some may have taken the time to read the BRWC‘s latest filing in full.

The company put up an 8-K on June 23. This revealed that a total of 2.14 billion new shares saw the light of day between November 2014 and June 19, 2015. A significant portion of those was known and embedded in the company’s previous filing – its quarterly for the three months ended March. In the 10-Q BRWC reported having 2.02 billion common shares outstanding on May 6, 2015.

The catch is, the new 8-K reveals another 1.15 billion new shares saw the light of day between May 6 and June 19, 2015. This practically means BRWC diluted its already bloated OS by another 50+% within the space of a month.

Back in March 2015 the company only had 913 million shares, making the three-month dilution percentage about 200%.

Of course, clearing convertible debt is a good thing but when the shares issued to do it are priced between $0.0002 and $0.0004, and there is over a billion of them, things are not so exciting anymore.