Valmie Resources Inc. (OTCBB:VMRI) Springs Into Motion
Valmie Resources Inc. (OTCBB:VMRI) managed an impressive 20% jump yesterday, carried up by the hype that followed its latest announcement.
Truth be told, this state of developments is somewhat baffling. On one hand, it doesn’t look too likely that an announcement that the company’s “joint venture partner met with its drone hardware manufacturer this week in Arizona” could propel the ticker 30% up the charts over three trading sessions. However, there seems to be no other even remotely reasonable explanation for the surge that VMRI is currently experiencing.
VMRI‘s newsfeed is mostly barren, insignificant news about joint venture partners notwithstanding. The company doesn’t seem to have any new paid pumps targeting it, and as far as new and improved financial reports that could have captivated the interest of investors are concerned – no, there are none of those, either.
And while on the topic of financial reports, one would be remiss not to mention what a hot steaming mess the last one VMRI filed looked like:
- Cash and cash equivalents – $24 thousand
- Total Assets – $58 thousand
- Total Liabilities – $268
- No Revenues
- Net loss – $83 thousand
One look at the soul-crushingly mediocre numbers revealed by a cursory glance seems to be discouraging enough – but, rest assured, there is more than meets the eye at first glance here, and none of it is for the better.
Suffice it to say that making an effort to read a bit further leads to the staggering realization that in the last 2 years or so, the company has issued about $300 thousand worth of stock at rates of a dime per share. For comparison, VMRI‘s stock is worth $0.78 at the moment.
Further, a bit of due diligence reveals that this is not something new. Suffice it to say that a couple of years back VMRI issued 59 million shares for less than $10 thousand. This should be enough of an indication of the company’s dubious nature, as well as an unsubtle hint pointing at the attitude one should adopt towards it.
Long story short – caution and extensive due diligence is advised when dealing with VMRI. Let the buyer beware.