Swingplane Ventures, Inc. (OTC:SWVI
, SWVI message board
) has been the running Awesome Penny Stocks
(APS) pump since Jan. 22. Yesterday, SWVI gained another 27.93% and closed at $0.5987 per share, and so far today, it's trading around that level.
In a way, SWVI is the most successful APS pump job in a while. World Moto Inc. (OTC:FARE) ran to about $0.325 before crashing, Superior Venture Corp (OTC:SVEN) was a complete flop, and TagLikeMe Corp (PINK:TAGG) reached a little over $0.45.
Yesterday's advance was fueled by the usual pump emails from APS, a Seeking Alpha article and a press release by SWVI.
The company issued yet another optimistic press release early today. It states that there have been some shipments of low grade material to a smelter and processing facility, owned by the Chilean government.
There is an important part of the press release which is written in bold near the bottom. It states that SWVI hasn't undertaken any preliminary feasibility study or economic assessment with respect to the Algarrobo property, and the company doesn't intend to undertake such a study before making a production decision.
I have mentioned it before, but it bears repeating, for the sake of new readers; SWVI hasn't yet completed the acquisition of Mid Americas Corp, and technically it shouldn't be holding the option for a 75% interest in the property. After missing the first expected closure date, SWVI postponed it to before or on Feb. 15.
At that point SWVI should file a Super 8-K with the financial information about Mid Americas Corp, and then the public may get a more accurate idea what the company may have. Until that time the fluff press releases are only aiding the ongoing pump campaign. Readers are free to determine the ethics of such an attitude.