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by Mike Caswell
The B.C. Securities Commission has halted Valorem Resources Inc., a Canadian Securities Exchange listing that has gone to 43 cents from 16.5 cents in recent weeks amidst an on-line touting campaign. Among other things, tout sheets predicted that the company would hit $5 and advised investors to buy before the stock is "out of reach." One said that the company (which has yet to do any drilling) had metals worth up 15 billion euros, making it "one of the largest mines in eastern Canada."
The BCSC's halt is contained in an order that took effect at the open on Monday, May 3. Citing circumstances that could result in trading that is "other than orderly," the BCSC has halted the stock until May 21, 2021. In particular, the BCSC cites the unsupported on-line claims about the company, with the regulator concerned in particular about the share price and mining reserve projections.
Monday's halt, which is a rarity for the BCSC, comes with on-line touts having been targeting Valorem for at least two weeks. One such item, from a service called Pennystocks.de, focused on the company's Wing Shear property in Newfoundland. That project is adjacent to the Queensway gold project, where a steady stream of positive drill results has sent that project's owner, New Found Gold Corp., to $7.13, a significant gain from its $1.30 initial public offering nine months ago.
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Maybe BCSC and IIROC can explain what is the underlying assets for the 2 trillion market cap cryptocurrency trading on the Canadian and American stock markets?