The lack of news is not doing well to the stock of Innocent, Inc. (PINK:INCT) and it is losing large portions of its value since the latest announcement came out. Also in yesterday’s session the sellers prevailed and INCT share price fell down again. 
INCT closed the market at $0.369 for a share with a 5.49% decline from the previous close and a trading volume of over 1.7 million shares. Such a volume is quite shocking as it is not only 66 times the daily average for the stock, but also the highest ever in the stock’s trading history. In case INCT keeps going down its next support is at $0.32.
Innocent, Inc. is a mining company that specializes on in-production or near-term production properties in the Americas. In the beginning of the month, it has been announced that the company and its joint venture partner Steele Resources, Inc. have closed on the Mineral Hill Gold Exploration Project where the two companies have both a 50% shares in the exploration and operation of the claims.
INCT weak cash position of only about $9,000 is a problem, though, as the company is obligated to contribute up to $5,000,000 in operating funds over one year. So far the company has managed to pay $540,000 and the rest is still due. Under the terms of the agreement, the percentage ownership of each company on the project should be reduced by 10% for every $1,000,000 a company fails to contribute to the joint venture.
Thus, INCT faces the danger of losing part of its interest in the project if it is unable to secure the needed funds, which explains the hesitant movement of its stock price on the market. On the other hand, if some resource estimates for the mining claims or any other related news occur, the stock could move up again and gain traders back.
