Valmie Resources Inc. (OTCBB:VMRI) Comes Crashing Down
tags: VMRI
Valmie Resources Inc. (OTCBB:VMRI) managed to jump as high as $3.43at the beginning of Tuesday’s trading session – an absolutely absurd turn of events for a company of its caliber.
A bit of simple math shows that at its peak less than two days ago, the company’s market cap exceeded $216 MILLION. That’s a shockingly huge market value for a company whose latest financial report looked like this:
- Cash and cash equivalents – $24 thousand
- Total Assets – $58 thousand
- Total Liabilities – $268
- No Revenues
- Quarterly net loss – $83 thousand
The discrepancy between VMRI‘s “typical OTC Markets pinksheets underachiever” financials and “NASDAQ-worthy” market cap is so glaring it should have been impossible to miss.
This is why it was quite obvious that a correction was imminent.
Another dead giveaway that VMRI couldn’t retain the ground it had gained is the fact that 59 million shares of the company’s common shares were issued at a rate of 0.000169 per share a couple of years back. And it’s not like that is a practice of the ancient past that is long forgotten by now – the last two years have seen VMRI sell approximately 3 million shares of its common stock at a rates of $0.1 to third parties.
In conclusion – VMRI‘s crash has been long overdue, but now it has become a reality rather than a threat looming over investors. How hard will the ticker plunge and low will it go remains to be seen, but one thing is certain – things aren’t looking up for VMRI.
