Yesterday, the trading statistics of the Toronto Stock Exchange noted that Baja Mining Corp. (TSE:BAJ), (PINK:BAJFF) stock was the volume gainer of the day.
With a trading volume of more than 30.3 million shares, BAJ surpassed even the fund Horizons BetaPro NYMEX Natural Gas Bull+ ETF (HNU) and the merged and traded for the last time Biovail Corporation (BVF).
BAJ stock stir happened on no company’s news, as if to compensate the still not reflected in the stock performance previous news, or more…
More than a month ago, Baja Mining Corp. announced the completion of a public offering of 21,875,000 common shares. The offering was underwritten by a syndicate of underwriters. It was planned BAJ to raise gross proceeds of $17.5 million.
At the beginning of this month, the company released further positive news. BAJ obtained credit approval for the development of the Boleo project in Mexico. This time, the total amount of funds raised was US$823 million, representing the entire amount of debt financing required to develop the project.
As the chart here shows, on the above news BAJ stock was traded in a weak volume and with the price showing neither significant increase, nor decline.
Last Thursday, the traded on the Toronto Stock Exchange BAJ closed the day and the week with a price jump up, after two sessions with no price change and volume of less than four hundred thousands shares. On the same day, more than a million shares changed hands.
At the same time, the quoted on the American OTC market BAJFF stock suddenly jumped up by 5%. Like awaking from some long lethargy, BAJFF closed the week at $0.9185 per share in a heavy volume.[BANNER]
The upward direction of Baja stock on both markets was transferred into this week. Yesterday, BAJ surged 2.3%, while BAJFF rose by 5.11%. Since the sacral last Thursday, BAJ added 13% in value, while investors of BAJFF were counting a 16% gain.
One of the possible reasons for such brilliant shares performance on the two markets was that after the above offering the new shares entered the market. Maybe with a delay, some investors reacted to the last company’s news related to its project financing. Not less important is the fact that yesterday 39% of BAJFF total volume traded was shorting volume.
