The stock of All Grade Mining, Inc. (OTCMKTS:HYII
, HYII message board
) suffered greatly throughout November and managed to lose 90% of its value over the course of the month. This was probably the reason behind the initiated paid promotion.
The first pump email came in our inboxes after the December 4 trade session and its disclaimer informed us that otcmagic received a $8 thousand compensation for it. Promoters of all shapes and sizes then started touting the stock for sums ranging from $3 thousand to $20 thousand.
This led to a whopping 120% jump in price yesterday on a massive amount of traded stock that was more than 20 times the company's average. The total amount of shares that switched hands in the session came at 141 million and generated $247 thousand in dollar volume.
The company did what it can to aid the effort and came out with a press release, updating investors on its Plateada copper sulfide project. However, it seems that things will go south much faster than expected as HYII is already 40% down since the beginning of today's session.
It couldn't be any other way, considering the past record of OTC Stock Center, the promoter that received the highest compensation. They touted Itonis, Inc. (OTCMKTS:ITNS) on December 3 and the company stock has been sliding since.
In any case, be sure to do your own due diligence and weigh out the risks, especially when dealing with promoted stocks.