Bullfrog Gold Corp. (OTCMKTS:BFGC) Stifled by Pumpers
After a couple of days of increased volume and two nice percentile jumps, yesterday Bullfrog Gold Corp. (OTCMKTS:BFGC) tanked by 22% and closed the session at $0.24 per share. The drop can largely be blamed on the pumper outfits who are still touting the stock.
The pumping for BFGC started on Oct 4, with a couple of touts sent from promoter Jet Life Penny Stocks. The promotional email dealt primarily with the technical side of BFGC‘s movement. This promo mail disclosed no compensation and came after the company allegedly used social networks to tout BFGC a week earlier.
With a track record as dismal as Jet Life’s, containing failed pumps for mLight Tech, Inc. (OTCMKTS:MLGT) and Eyes On the Go, Inc. (OTCMKTS:AXCG) having crashed pretty terribly in the last few weeks following Jet Life alerts, it’s no wonder BFGC never really got anywhere on their promotion. Then yesterday morning, before the open, another pump mail for BFGC was sent, this time by Too Nice Stocks, disclosing $100 thousand in compensation, with another $200 thousand expected.
Once the disclosure of big money spent on promoting BFGC was out, the session turned into a disaster, with volume 10 times bigger than the day of Jet Life’s pump and with the price taking an immediate nose dive. BFGC slipped from a high at the open of $0.35 to a close of $0.25 per share, the paid pump creating enough eager buyers for the stock to shift 6.5 million shares.
Too Nice Stocks did the damage and went under the radar after their morning mail, but following the crash, four other outfits picked up BFGC to tout it as a ‘bounce play’ after the close, disclosing compensations of $20 thousand. Considering the effect of the highest paid pump on the stock, the followups will probably have a hard time getting the price anywhere.
In our previous article on BFGC we also took a brief look at BFGC‘s financials and pointed out that the stock is not in a deep hole like many other mineral exploration OTC businesses. Still, this cannot cancel out the fact that there is a pump with a total budget of $300 thousand out there, which, hypothetically, is enough for a paper mailer too. Investors are advised to be extra careful and very thorough with their own due diligence.
