Check back on some of my previos posts. Have I ever been wrong? This company I believe will soon be delisted. Ive seen this type of price action before with Lehman and Bear Stern before they disappeared from trading.
Today Jan 23 volume at 1,100 shares and share price only $1.00. Incredible isn't it? I gather most of you know what this means. But for those of you that are not sure let me explain; this company has lost all credibility in the marketplace. Listen to what the market is telling you.Sometimes the message is not very clear. But in this case there is no mistake. My personal opinion; Cnr should be immediately delisted.
On May 11, 2011 (the “May Closing”), the Company completed an underwritten public offering of 1,517,978 units at a price of US$2.88 per unit. On August 4, 2011 (the “First August Closing”), the Company completed a private placement of 200,000 ordinary shares at a price of US$2.50 per ordinary share. On August 16, 2011 (the “Second August Closing”), the Company completed a private placement of 5,900,000 units at a price of US$2.50 per unit.
So in 2011 we have a total of 7.2 Million New shares added to the float where on any given day the volume can be a hundred shares or a thousand or a couple a thousand or none at all. In other words millions and millions of new shares floating out there and at best a buyer willing to buy a couple of thousand at worse no buyers at all and even worse sellers looking to sell 7.2 million shares to a few stingy buyers.