Yesterday, the stock of Texada Ventures, Inc. (OTC:TXVN) got its highest volume ever, the reason for which remains still unknown. Despite the intensive trading TXVN closed without a change in the price, but the huge volume maybe suggests that it is time for news from the company. 
TXVN closed yesterday again at $0.15 for a share, while the volume saw its highest number ever: 1.69 million shares changed hands in just one session, more than in all sessions from the past year taken together. Regardless of the lack of any change in the closing price, TXVN has currently a market cap of about $4 million, which it still has to justify in some way.
Texada Ventures was founded in 2001 with the purpose to acquire and explore mineral resource properties, unfortunately without any success so far. The latest 10-Q shows that as of end-February 2011 the company had no cash or any other assets, but only $836,000 in current debts. Some time ago, Texada Ventures had acquired a 100% interest in a group of mineral claims located in the Wheaton River District in the Yukon Territory. The property is named Peek Claims, but the exploration works have not yet delivered any evidence for the presence of commercially viable reserves.
There has been news recently, though, that could change the assets position of TXVN. At the end of last month, the company filed with the SEC to have entered into a term sheet with another company regarding an option to acquire 95% of that company’s interest in a property named Karasu Rare Earth Metals Project, located in Sakarya Province in Turkey. According to the agreement, TXVN will have the option to acquire the interest by spending $1 million in exploration expenditures on the property, by issuing 6,000,000 shares of its common stock to the seller, and by paying $1,000,000 in aggregate.
Maybe yesterday traders were expecting updates on that issue as TXVN has agreed to advance $200,000 under the above mentioned agreement, an amount that the company does not have, unless it has completed a financing that is yet to be announced. The final dates for the definite agreement to take place and for closing the transaction are set for July 1, 2011 and July 15, 2011, respectively.
