After spending almost a month above the $1 level, the stock of El Capitan Precious Metals, Inc. (PINK:ECPN) has been kicked away from dollar-land again. Last Friday, ECPN stock registered for the third in row negative market performance. This time, it lost more than 10% to $0.97 per share, the lowest value since Mar. 21. The decline occurred on a six-week high volume of 1.12 million shares, or three times as high as the daily average trading volume.
While no promotional activities for ECPN stock have been noticed lately, corporate updates have been popping up every now and then. On Apr. 15, the company issued a press release regarding its El Capitan project site. As it is, the controversial results from the initial survey stem from the different methods used for the purpose. Therefore, no definite conclusions can be drawn until a specific correlation between those results has been found.
Headquartered in Scottsdale, Arizona, El Capitan Precious Metals, Inc. occupies the metal mining industry. Besides an interest in the COD property, ECPN owns 100% of the project the company is now named after.
ECPN files with the SEC on a regular basis. Its latest 10-Q report covers the period ended Dec. 31, 2010. The document revealed:
- a working capital surplus to the amount of $270 thousand;
- a quarterly net loss in excess of $250K, which is 167% more than the net loss of $94K accrued in Q4 of 2009;
The company has issued neither warrants, nor options throughout Q4 of 2010. While already 244 million shares of common stock have already been issued and outstanding, ECPN has so far remained evasive about the total number of its authorized shares, which leaves room for future dilution.
