Recently, a third party spent $1 million to promote Crowne Ventures, Inc. (PINK:CRWV) stock, but after the initial huge gains at the end of August the share price fell rapidly down to reach the bottom at the end of last week. Now, the promotions continued with a success yesterday.
CRWV closed Monday session at $0.029 with a 45% gain from Friday. The trading volume of over 39 million traded shares also reflected the fact that some new promo e-mails from CRWV $1 million campaign have already affected the market. The company’s operations and assets still stand strongly under question since CRWV is not an SEC filer. The available financial reports show only minor assets, huge debts and huge dilution risks, thus now it looks like only CRWV regular press releases deserve the $11.6 million market cap that the company has right now.
Two more came yesterday together with the three promotional newsletters. The first PR appeared shortly after market open to inform traders that the company’s former ‘multi-billion estimates’ for the Gallo de Oro and Oro de Rojas gold properties in Mexico have turned out to be ‘grossly underestimated’. The new estimates were namely $20 billion. Later, after market close CRWV provided another PR, this time related to some details of the mining lease for the two properties.
Basically, two things make all the latest CRWV statements sound very dubious. First, a mining company holding gold properties of such value would normally be glad to report this to the SEC. Second, with 18.6 million (or nearly half of the total volume) shorted shares yesterday alone, CRWV look more like a pure speculation.
