Fox Petroleum Inc (PINK:FXPT) has been promoted. Again. No further news on the company.
Pooling at least $40 thousand, interested third parties launched a brand-new promotional campaign in favour of FXPT stock on Nov. 30. As a result, the volume of FXPT shares traded on the same day doubled, leading to an 18% loss in value. By contrast, what happened on the second day of the promotion, i.e Dec. 1, was just the opposite. Shifting in excess of 700 thousand shares, FXPT not only regained what it had lost the day before, but also managed to climb up a little more. In the end, FXPT closed yesterday’s session going up 23% to $0.0172 per share.
Given that FXPT’s latest press release dates from Nov. 4, there seems to be no backup for the current paid advertising campaign. Nevertheless, the effort has so far provided enough opportunities to traders owning FXTP shares to either get in, or get out at a profit. The new wave of emails which reached our database today suggests that the parties standing behind this promotion are determined to milk it for all it’s worth.
Meanwhile, FXPT submitted its most recent 10-Q on Oct. 19, i.e two weeks after our latest article on the company. According to the document, which covers the three-month period ended Aug. 31, FXPT’s financial statement contained:
- zero cash;
- current assets of $22,500 all due from an affiliate;
- working capital deficit exceeding $6.8M;
- quarterly net loss of $3.7M.
Although the company claims to be exploring its properties, its efforts have yet to bear fruit. Unfortunately, when such a scenario will happen is dependent upon management’s ability to attract more external capital.
