Cap-Ex Ventures (CEV, TSX-V) surged Friday, jumping 20 cents on Venture Exchange volume of 3.4 million shares. The company, which announced Friday it has arranged a non-brokered private placement at 85 cents to raise $10.2 million, has made a major iron ore discovery near Schefferville, Quebec, with more results pending. The current market cap for CEV is a modest $52.3 million.
From a technical perspective, Friday’s action was clearly an important breakout as John’s chart illustrates.
Note: John and Terry do not hold positions in Cap-Ex Ventures (Jon does).
Mr. Matich has a past that is colourful to say the very least.
Block 103 was walked away from by Adriana after a magnetic survey and the property contains outcrop ridges of the Sokoman Iron Formation that were mapped a decade ago.
This Co is drilling ALONG that ridge line to ensure “good” results. This is another Venture promotion and a very poor one.
Comment by stoxxman — December 7, 2011 @ 6:25 pm