Swingplane Ventures, Inc. (OTC:SWVI) Now Says Deal to Be Closed Next Week

Swingplane Ventures, Inc. (OTC:SWVI) was supposed to close the acquisition of Mid Americas Corp today, but a press release from yesterday states the transaction will be closed some time next week.

The public wasn’t too sure what to make of it and SWVI closed down 0.97% at $0.6101 per share on 10.2 million shares.

The company says that a copy of the agreement will be filed with the SEC today, but the deal is “expected” to close next week, and a Super 8-K will be filed within 4 days of the closing. To summarize – the closing is postponed yet again.

After the close SWVI issued another press release. This time about the iron content on the Algarrobo property. Providing such information isn’t a bad thing, however, the decision not to do any preliminary feasibility study or preliminary economic assessment is questionable to say the least.

The pumpers at the Awesome Penny Stocks (APS) outfit continue to tout SWVI. They are calling it their “best pick for 2013.” That may very well be the case, since they don’t have any other pick for 2013 so far.

Their previous pump job was World Moto, Inc. (OTC:FARE), and it started in December 2012. Even if they counted it as a 2013 pick, it didn’t really set the bar high.

I’ve been covering SWVI since the start of the pump. The red flags are all over this pick. Making money on the way up is just fine, but be sure you know when to call it quits. Confusing a pump play with a serious investment can be costly.