week, while its traded volume has been rising up.Yesterday, CMIN lost over 28% on the market, and its volume reached over 3 million shares traded, which was a huge value for the stock. Apparently, something has provoked investors to sell and the price fall began.
The latest news on Constitution Mining was released a few days ago, when the company announced it has hired Mr. Patrick Gorman as a Chairman of the company’s board of directors. Three days later, CMIN and Seabridge Gold reported the termination of the Nevada Property acquisition, as “the deal would not be beneficial for both companies”. As a result, traders got disappointed and the share price of CMIN started to fall immediately.[BANNER]
Two days ago, the company tried to stabilize its stock by a couple of promotional newsletters, though it kept falling down on a tremendous volume.
Apart from the price fall, Constitution Mining’s financials don’t look encouraging at all. According to its quarterly report, CMIN has a huge accumulated defict and its operating loss has increased a lot. Management team claims that CMIN has sufficient cash for the next 12 months and the company should find additional capital for its future activities. In other case, the corporation “will need to curtail operations”.
