Valmie Resources Inc (OTCMKTS:VMRI) Takes Another Hit
The chart performance of Valmie Resources Inc (OTCMKTS:VMRI) has been fairly good in this year so far and we have even seen a significant increase in daily volumes lately. The company has gained quite a lot of value and after reaching above $1.20 per share in the end of last week it had a total gain of 500% since the start of 2016.
Meanwhile, VMRI’s market cap has increased significantly and has reached levels that it might not be able to contain. The company stock’s valuation sits around $60 million, while the numbers contained in its latest financial report look rather discouraging.
- cash: $24 thousand
- total assets: $58 thousand
- total liabilities: $268 thousand
- revenues: ZERO
- net loss: $83 thousand
The report covers the quarterly period ended February 29, 2016 and was filed in mid-April, containing these numbers that are pretty terrible even by OTC marketplace standards. What’s surprising, however, is the fact that the report didn’t have a negative effect on VMRI. Instead of that we saw the ticker surge in the end of April.
After a bit of correcting VMRI returned to its upward course and reached the heights that we previously mentioned. This week, however, started a bit differently and we saw the ticker lose 18.75% in Monday’s session, followed by another 12.50% drop yesterday, which pushed VMRI to a close at $0.91, as a total of 1.27 million shares changed their owners, generating $1.35 million in daily dollar volume.
We see that the ticker is a bit more stable in today’s session, but the huge market cap means that there are still chances of further corrections. Be sure to do your due diligence and weigh out the risks before putting any money on the line.
