Weirdness at PUF Ventures (PUF.C) as rollback hits, BCSC bans, price jumps

Old marijuana diaspora favourite cum long-time penny struggler, PUF Ventures (PUF.C), went for a quick jump today, rising 27% to $0.07. And for no reason I can see, other than a recently announced micro-raise that wouldn’t qualify as a down payment on a Vancouver special.

The company ran a 1 for 4 consolidation on its stock a few days ago after a long spell in the doldrums, and revelations that a former CEO has been banned by the BCSC for insider trading, and barred from trading or holding a position at a public company (or promoting or, basically, anything), hasn’t helped.

From Business in Vancouver:

Mark McLeary, the North Vancouver businessman who used a holding company in Panama to conceal insider trading, has received a small fine and permanent securities trading ban.

McLeary has been fined US$19,500 by the BC Securities Commission (BCSC) and has been banned from buying securities or exchange contracts, or acting as a director, promoter, manager or consultant for publicly traded companies. He has been ordered to resign from any public companies in which he may be acting as a director or officer for public companies.

McLeary was the CEO of two companies, Silver Sun Resource Corp. and Newton Gold Corp., when the BCSC discovered that he had been using an offshore holding company in Panama to make trades in both companies without disclosing them as insider trades. Newton Gold changed its name to Chlormet Technologies and changed again to PUF Ventures Inc.

Which is not to suggest his activities involve modern day PUF in any way, but, again, doesn’t help. Especially since PUF has been such a gong show over the last year.

The company continues to wait for a license at its AAA-Heidelberg facility in Ontario, which may be the single longest weed license wait for any public company in Canada right about now.

Good luck to those in on the raise. At least you won’t be losing much.

— Chris Parry

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