Mantra Venture Group Ltd (OTC:MVTG) is getting more attention from traders after the company said they will be deploying carbon capture and recycling technology. The press release was also picked up by a couple of stock watch lists, further increasing the investor interest. The company published a quarterly report more than a week ago, but the news didn’t create buying pressure without the intervention of stock newsletters. The company said they are progressing with their ventures and have secured enough working capital to continue. However, the quarterly report fails to adequately support these statements.
The books show high leverage and barely any cash available. Net losses have decreased on the reduction of consulting fees, business development and SG&A costs, yet the need for additional stock sales remains. The recorded dilution for a one-year period was 13.8%.[BANNER]
The stock price has bounced off the $0.20 resistance, yet the trading volume remains high above the average. The stock price follows the general uptrend present from early September, thus given the price doesn’t turn down for good, another attempt to breakout should be recorded.
The market cap is currently at $6.5 million, leaving questionable space for share price appreciation as the company’s business holds negative net worth. The uptrend is sustained solely on promised by the management news on improvements.
