After doubling yesterday, XNE, Inc. (PINK:XNEZ) is getting more paid promotions, and so far today it’s in the green with significant volume,although it has dropped below the open.
Yesterday’s close at $0.0145 was a 107.14% increase for XNEZ on the back of a press release and some promotional activity. The volume came close to, but slightly short of a new 52-week high.[BANNER]
It seems there is one new promoter joining the action today. StockRunway.com disclosed a $5 thousand compensation by StellarMediaGroup, a third party shareholder.
When shareholders pay for the promotion of a penny stock, there is a serious risk they can dump their shares shortly after.
As mentioned, the company issued a press release yesterday. It was a historic overview of the Slocan Mining District, British Columbia. XNEZ had announced on Friday signing an agreement to a acquire a silver property there.
While the news and promotions are fueling the excitement over XNEZ, there is an important piece of the puzzle missing.
XNEZ still hasn’t filed a financial report for any period after Sept. 20, 2008. This doesn’t allow potential shareholders and traders to get a more accurate idea of where XNEZ is financially.
Additionally, this way the company is in the OTC Pink Limited Information list which can scare off potential investors too. The market cap at the current price is around $10.6 million.
Unless there is something unsightly about the financials of XNEZ, keeping their situation a secret doesn’t make much sense.
