and succeeded to trade over 28 million shares just for a day.A pretty astonishing jump, considering the fact that the average volume of SAEI is 2.55 million shares. Besides, following the chart we notice that the market position of the stock looks quite uncertain these days.
No matter if SAEI soars or loses, its traded volume increases, while the price changes differ a lot.
The latest news on Supatcha came up on Oct. 4 this year and it reported the high grade of the drill results at Barlevskoye Gold Property. According to the announcement, the initial drill program has produced gold assay results in all 50 selected samples and nine of the samples exhibited huge interest.
After the announcement was published, the traded volume of SAEI jumped up significantly, however, the stock price moved lower.[BANNER]
Presently, there is no news on the company and nobody knows what’s going to follow. Only the sharp differences in the price change raise questions on the resistance of the current up move.
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in the Ukraine. Since this August, the stock price has been in a downtrend, while this month it has been constantly rushing up and down.
Supatcha has signed a definitive agreement to acquire a 90% interest in the Barlevskoye and Vynohradiv Gold licenses from arm’s length third parties. SAEI will pay $7.5 million and will issue 500 thousand common shares in consideration for 90% of the issued and outstanding shares of Poltavas Capital Management Ltd.
According to Supatcha’s financial report, the company has no revenues and has suffered an operating loss that has been increasing sequentially. At the same time, SAEI has no sufficient cash neither to cover the losses, nor to perform its operations.
Based on these results, the management claims that there is a “substantial doubt about the Company’s ability to continue as a going concern”, and if Supatcha is unable to raise sufficient cash for the next twelve months it will cease operation.
