Raven Gold Corp. (PINK:RVNG) is an Oklahoma-based exploration company. It hasn’t issued any press releases for years, but has filed financial reports. Yesterday, out of the blue, the price of RVNG skyrocketed, at one point by more than 1000%.
At the end of the session, it settled for a $0.01 close, representing a 334.78% increase on 11.1 million traded shares. What makes this move funny are not only the astronomical numbers.[BANNER]
While the company has been filing reports, there is nothing in them to justify any positive development. Keeping in mind that there hasn’t been any news, the jump seems to be nothing more than a speculation. The company doesn’t even seem to have a website.
The fact is that at the end of January the company had $158 to account for all of its assets, and total current liabilities in excess of $3.4 million. What’s more, the management stated it had “… no formal plan in place to address this concern…”
RVNG did appear in a promotional newsletter. The promoter claims it hasn’t been compensated and holds no shares of RVNG. The mail itself is rather bare and contains no reason as to why the surge has happened other than “SR&R thinks the GOLD RUSH has just begun”.
Traders are free to make what they want from it, but they should always remember to do their due diligence in cases such as this one.
