negative and CMM closed at $2.29 per share. However, its traded volume remained high and approximately 178 shares were sold over the day.According to the records, traded volume of CMM has been changing quite a lot during this month. Last Tuesday its value was only 600 shares traded, while yesterday it was about 29 times higher. Apparently, the investors are losing their enthusiasm about the stock.[BANNER]
Following the chart, we can see that a downtrend has occurred for CMM since last October, when after trading at $4.25 the stock has moved down to its current price.
Last month a 110:100 stock split was registered and the price fell down in short. Presently, it’s still too soon to say if the downtrend will continue.
The latest news released by the company was on some shareholder resolutions and the resignation of the CMM’s president and CEO, as reported: “for personal reasons”. Right after the resignation an interim president and CEO was appointed.
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The quarterly financial results of the company don’t look satisfying at all. CMM’s net revenues decreased by 62.6% and the operating income was down by 78.6%. Net income also had a 83% decline and net cash was much lower as compared to the previous quarter.
Recently, the company approved a stock dividend for its shareholders, registered by 16 June, 2010. However, CMM expects a potential revenue decrease of 27.6% to 30.2%. Based on that, CMM should definitely need some additional capital to support its operations.
