These days, Madalena Ventures Inc. (CVE:MVN), (PINK:MDLNF) stock proved to its investor that it can beat the market.
For a second day in row, MVN stock is in the list of the most actively traded securities on the TSX Venture Exchange.
Yesterday, when the S&P/TSX Venture Composite Index closed at 1,953.990, going up only 1.62% and the S&P/TSX Capped Energy Index pulled up only 0.18%, the shares of Madalena Ventures Inc. advanced by 6.15% between the sessions.
MVN gained $0.04 during the day to close at $0.69 per share.
This was the second in row trading session for the month, in which MVN pulls up on more than 5 million shares changing hands. The trading volume was almost four times the average for the company.
On Tuesday, Madalena Ventures Inc. released an update on the drilling and testing results from the operations on the company’s exploration well located on the Coiron Amargo Block in Argentina. Among the most important news for investors was maybe that the company intends to complete the testing over the next several days and to place its CAN X-1 well in production. This update was made a week after the company closed a public offering of its shares for gross proceeds of $26,5 million, despite of its good financial standing.[BANNER]
At the end of the second quarter of this year, Madalena Ventures Inc. reported net working capital of $11.4 million and cash of $11.4 million. In addition, as stated in the company’s financials, “the company remains debt free”.
Looks like the strategic step made by Madalena Ventures Inc. earlier this year to sell its Tunisian assets in order to focus the company’s potential on the projects in the Neuquen Basin of Argentina was successful. Up to now, it brings positive results not only to the company, but also to its shareholders.
Even excluding the almost constant uptrend since months, only the latest updates of the company brought investors of MVN stock a 17% gain.
