Oracle Mining Corp (CVE:OMN) (OTC:OMCCF) share price advanced up after the company was listed on the OTCQX tier of the over the counter securities market.
The stock started trading on QTCQX as of Tuesday, October 11, 2011 under the same symbol it traded on the pink sheets. The graduation makes the business look more trustworthy for those investing in the US stock market instead of a Canadian one.
The stock didn’t trade very well before the graduation. Oracle’s stock still holds serious liquidity issues and the price barely moves on calm days. Nevertheless, the price increased nearly 15% over the past two sessions as a result the graduation to better exchange.
The company’s fundamental situation shows that the price could go significantly higher as well. The current market cap of $28.3 million is below the underlying book value of nearly $34 million reported for the second quarter ended 2011. The company has nothing to show on their income statement as it’s a startup phase business, but they are keeping away from dilution and have a comparatively strong cash position.
The recent spurt in share price might become the necessary trigger to bring the per share price back above $1.00.
