I don’t know Everest Ventures (EET.C) from a hole in the ground. Which is apt because it appears they’re planning to make some holes in the ground.
Since the great lift-off that has been Lithium-X (LIX.V), and more recently Golden Secret Ventures (GGS.C), I’ve been keeping my eye out for hitherto forgotten shells that, suddenly, have changed their name, rolled back some stock, and quietly gone on multi-bagger tears off the bottom with little to no news.
Lithium-X has made many very well cashed up for the summer, jumping from 15c territory to over $2 in quick time.
Golden Secret Ventures is looking like it will continue to do likewise, and jumped from $0.20 to $0.60 with little news other than who is involved in the company.
So what should a guy look for to get in on one of these penny-to-pounds babies before it gets all top-heavy?
I’m looking for a stock that has been valued at a couple of cents or less per share for some time. A stock that has been largely quiet for a while but lately seen some volume. A stock that has recently rolled back (lowering the risk that there’ll be another rollback when I own it) and has started moving upwards. And you want a stock chart that looks like this:
So, that’s a nice chart. But it’s also a month old, topping out at $0.14. I took that screenshot when I first noticed this thing was moving. I wrote about it, but opted to take the story down because it was just too short of info.
This is from Friday. Now it’s $0.87. The ask is at $0.99. And we’re still short on info.
Everest Ventures fits the bill. Going through recent SEDAR filings, several things come into focus.
First, most of the company is owned by Halio Capital, which is run by a guy named Joe Casabona. He’s on the board of PDC Energy (PDCE), a $2.5 billion market cap oil producer with a share price that has been moving up in 2016, contrary to sector trends.
When EET.V stock was valued at just $0.04, back in March, Halio took out 20 million of 22 million shares offered in a $1.68 million private placement financing – at $0.07 per share, with a $0.09 warrant, taking over the company and then some.
Since then, the stock has consistently moved up, trading at low volume, sitting now at $0.87 – a many time multiple from that premium-priced financing.
And the volume on that rise has been tiny, because it appears there’s next to no stock out there to be acquired, yet acquired it is being.
It’s not just me, right? Something’s cooking here. If Casabona has something to drill, he now has a company ready to do it.
So what’s the plan? Dunno yet, but it’s definitely in play, and I wouldn’t be surprised if, now the spotlight is being shone on it, news drops soon.
UPDATE: News dropped of a name change. Everest Ventures is now Halio Energy. Hmm…