After a number of price hesitations, XNE, Inc. (PINK:XNEZ
, XNEZ message board
) grabbed the climb again. On Friday, the stock soared 41.30% and
its traded volume totaled over 1 million shares for the day. Now XNE is ambitious to continue the climb supported by news and promotions.
The first piece of news was released on Friday, when the company provided an update on the mining activities in Kootenay Arc.
This optimistic announcement was followed by another one yesterday. It announced the promising results on the BNA Group 19 Tenure Project in the Slocan Mining District of British Columbia. In addition, XNE stated that they were hoping to become a solid junior exploration and acquisition participant in this historically prolific region.
Nevertheless, until that time the company decided to secure the current gain by promotions. The campaign was held yesterday and cost $160,000 in total.
Historical data shows that it's not the first time when XNE has used promotions to pump up its stock price, and today the result of the campaign is just about to be seen.
However, what is bothering about investors is that the company hasn't filed a financial report for any period after Sept. 20, 2008. Meaning that the potential shareholders and traders cannot get a more accurate idea of the financial condition of XNE. Besides, the company is still present in the OTC Pink Limited Information list which can scare off any potential investors.
In other words, while keeping its financials in mystery, the only thing left for traders is news and promotions, which are hardly enough for making a clever investment.