It has been quiet around MXOM and its business since the end of July, when the company added three new and according the press release highly qualified members to its Board of Directors. That additional financial and geology expertise in MXOM’s team was well appreciated by the market with some large jumps of the share price, which however expired within a few days.
In addition to their cash compensation, the new directors were also awarded with a performance-based compensation. Each of them received warrants to purchase one million shares of the company’s common stock at a price of $0.25 each. As no operational progress of MXOM has been reported since then, only the performance of the stock remains to be pointed out.
MXOM share price jumped 20.19% up yesterday on a huge for the seldom traded stock volume. It was the second subsequent jump and it made the stock close the session at exactly $0.25 for a share. From now on, any further appreciation will be favorable for the ones that joined MXOM’s Board of Directors lately, the question is only what should happen with the company’s business to support that rise.
Unfortunately, MXOM is not in the best shape. At the end of May, the company had $1.5 million in assets and $2.4 million in current debts. The sales in the last three months ended this May were only a small portion of the expenses and the net loss accumulated during the six years in which the company engages in mineral exploration increased to $44.5 million, or $0.03 per share for the last quarter.
Yesterday, some of the market participants were also not so sure that any of MXOM’ mining projects has good chances to deliver any kind of profit for the shareholders soon, but attempted to capture some short-term profits through shorting 536,180 of the total 1.36 million shares traded in the session.
