Swingplane Ventures Inc. (OTCBB:SWVI) Crashes
After making a cumulative surge of more than 800% on Wednesday and Thursday last week the stock of Swingplane Ventures Inc (OTCBB:SWVI) promptly started correcting. On the very next day it was driven to the ground losing nearly 40% of its gains and returning to $0.04 per share. The drop happened on a rather impressive volume of 9 million shares so it seems that investors were looking to quickly shed their holdings.
SWVI already burned a lot of traders earlier this year when it was touted by the infamous pumper Awesome Penny Stocks (APS). With all the artificial hype flying around the stock even managed to briefly touch on $1 per share in February. Still the chart speaks volumes and even at the current prices SWVI has still lost more than 90% of its value since then.
APS have also been having a rough time. The pumper did a prolonged campaign for Xumanii International Holdings Corp (OTCMKTS:XUII) and even promised to retire entirely if the stock didn’t reach 1 dollar. Well, XUII never moved past 75 cents and APS disappeared for a couple of weeks. Then once again began business as usual pretending that nothing has happened and announcing their next pick – PacWest Equities Inc (OTCMKTS:PWEI). This time they forced SEC to intervene and suspend the company from trading on the third day of the promotion. Now APS are behind the pump for Pacific Clean Water Technologies, Inc. (OTCMKTS:PCWT).Left on their own SWVI managed to lose the rights to the Algarobbo copper mine in June and had no operations. They didn’t even have enough people to complete the annual report stating that “workload exceeds available personnel, due to insufficient staff”. Last week the CEO released a PR article that more than likely caused all the commotion around the stock.
A new project, this time a silver mine, has been found but it will require more funds than what SWVI currently have available. Even if they do manage to find the money it is more than likely that the final outcome will be the same as their previous mine. This however gives pumpers something to talk about and it won’t be such a big surprise if another promo is started. Be sure to do your own research and remember the saying “Fool me once …”
