Cap-Ex Ventures Ltd. (CVE:CEV) (PINK:CPXVF) stock price slipped lower after the company announced update on drilling results, but later retracted some overstatements.
CEV share price dipped 19.4% on Wednesday, but the integrity of ongoing uptrend remained intact. The trading volume was nearly 6.5 million shares, the heaviest recorded in the history of CEV, more than ten times the average of 619.7 thousand.
On Wednesday, November 23, the company published additional results from diamond drilling done in 2011 on Block 103 iron ore property in Quebec. 8 of 17 holes were evaluated to date and show promising iron and SiO2 mineralization levels reaching up to 70.1% and 10.65%, respectively, over considerable lengths.
However, amid Wednesday’s trading session, Cap-Ex retracted parts of the announcement that predicted high tonnage near surface iron ore deposit as they lack the economic analysis and resource estimates to confirm it.
The company recently adopted a shareholder rights plan to ensure fair treatment in case a takeover bid is made, allowing additional 60 to 90 days time to evaluate the proposal and choose between alternatives. Cap-Ex remained silent about any possible offers at the time.
With mixed new results affecting the share price movement it is unlikely it would actually break the uptrend since most of the announced things were sound improvements.
