Valeura Energy Inc. (CVE:VLE) (PINK:PNWRF) stock price has broken out after the company said they got approval to list shares on Toronto Stock Exchange.
VLE stock price added 7.1% more value during Thursday’s trading session on a strong volume of 3.21 million, which was more than twice the daily average of 1.2 million. This move brought the share price outside the established downtrend so the breakout is both technically and fundamentally sound.
The buying pressure was a reaction to news published by the company. Valeura said on September 1, 2011 they received a conditional approval to list VLE shares on Toronto Stock Exchange. The ticker symbol will not change.
Valeura is one final application away from graduation and the management expects they will be able to satisfy the required conditions by the end of September.
Following the decision of shareholders from a meeting held on June 15, 2011 the company’s shares should also be consolidated on a 10 for 1 basis before they are delisted from TSX Venture Exchange. This decision is still subject to approval by the exchange.
Thursday showed cautious buying amid the session which relates to general liquidity issues of the stock. The pending consolidation should partially deal with this issue.
