Rockhaven Resources Ltd. (CVE:RK) (PINK:RKHNF) saw their share price stop the decline a couple days after the company published a quarterly report.
RK ended Friday with a positive price run-up by the end of the session, creating a possibility of a morning spike on Monday. The stock price found some support at 42 cents per share, after Thursday’s session, which delivered a significant trading volume of 350 thousand and layd ground for a possible bottom out.
The stock lost 59% over the last month and now dwells around support from nearly a year ago. The company recently announced quarterly results, which showed significant improvement in capital position compared to the Q3 2010. Otherwise the report lacked material improvements and the balance sheet was mostly improved by selling capital stock. Dilution to shareholders reached 44.7% over the period.
RockHaven currently carries a market price of $20.8 million, which is only slightly above their underlying book value of $19 million. This fact alone could prohibit further decline of their market value, but it also comes down to constant dilution to shareholders and progress on their ventures.
RockHaven is an exploration stage company engaged in acquisition and development of mineral properties in Canada.
