{"id":4868,"date":"2014-07-03T14:15:31","date_gmt":"2014-07-03T14:15:31","guid":{"rendered":"\/?p=4868"},"modified":"2014-07-03T14:16:14","modified_gmt":"2014-07-03T14:16:14","slug":"virtus-oil-and-gas-corp-fka-curry-gold-corp-otcbbvoil-crashes-on-record-dumping-of-shares","status":"publish","type":"post","link":"\/articles\/virtus-oil-and-gas-corp-fka-curry-gold-corp-otcbbvoil-crashes-on-record-dumping-of-shares\/","title":{"rendered":"Virtus Oil and Gas Corp f\/k\/a Curry Gold Corp. (OTCBB:VOIL) Crashes On Record Dumping of Shares"},"content":{"rendered":"

\"VOILchart2.png\"In our previous articles about Virtus Oil and Gas Corp. (OTCBB:VOIL<\/a>) we warned our readers that the only reason for the recent climb of the stock was the artificial hype created by a paid pump. The promotion featured the creation of a special landing page touting the company.  <\/p>\n

The campaign started pushing VOIL<\/a> <\/strong>up the stockchart almost immediately and in just seven sessions it ran from a low of 70 cents per share to a high of $1.46. Yesterday the positive performance continued and VOIL<\/a><\/strong> slowly climbed to $1.50 but then a rather negative SeekingAlpha article was published causing the stock to fall straight for the bottom. In less than two hours the stock lost more than 32% of its value and at the end of the session was sitting at $0.94. <\/div>\n
In the article the author discussed much of the same red flags around the company. Let’s start with the obvious discrepancy between VOIL<\/a>‘s <\/strong>market cap and its fundamentals. Even after the massive crash from yesterday the company still commands a ludicrous market cap of over $45 million while at the same time they finished the quarter ending February 28 with:<\/div>\n
•\t$62 889 cash
•\t$63 462 total current assets
•\t$101 thousand total current liabilities
•\tZERO revenues since inception
•\t$700 thousand net loss<\/div>\n
But an even greater danger than the depressing financials is the issuance of millions of extremely cheap shares. Back in 2009 VOIL<\/a> <\/strong>sold 1.3 million shares to 22 seed shareholders for proceeds of just $13 000, or $0.01 for each share. On August 30, last year, a 14-for-1 forward split was performed and the people who bought those shares now owned 18.9 million shares priced at $0.0007 each. <\/div>\n
In order to finance its operations VOIL<\/a> <\/strong>has also issued millions of discounted shares to a Marshall Islands entity called Fieldstone Industries, Inc. Just days before the forward stock split Fieldstone received 150 thousand shares at $0.33 each that turned into 2.1 million at $0.02 each. More recently they bought another 2 million shares priced at $0.40. Even after yesterday’s crash these shares are still more 50% cheaper than the current market price.<\/div>\n
\"7WSTIchart10.png\"As you can see there are quite a lot of people that could benefit from the increased attention generated by the paid pump. Will VOIL<\/a><\/strong> continue to correct to even lower price ranges remains to be seen but if the performance of another pumped stock – Windstream Technolog (OTCBB:WSTI<\/a>) is anything to judge by the drop could become even deeper. Yesterday WSTI<\/a> <\/strong>lost another 38% of their price and at the end of the day were sitting at $0.55. In just four sessions the stock has wiped more than 75% of its value.<\/div>\n","protected":false},"excerpt":{"rendered":"

In our previous articles about Virtus Oil and Gas Corp. (OTCBB:VOIL) we warned our readers that the only reason for the recent climb of the stock was the artificial hype created by a paid...<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1440,1431],"class_list":["post-4868","post","type-post","status-publish","format-standard","hentry","category-news","tag-voil","tag-wsti"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/4868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=4868"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/4868\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=4868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=4868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=4868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}