Unexplained rally pleases Bullboards posters
IBC Advanced Alloys (TSX: V.IB, Stock Forum) shares shot 29% higher to 24 cents on substantially higher than average volume.
The company is a manufacturer and distributor of rare metals, including beryllium. Beryllium is used mostly as a hardening agent in alloys, primarily beryllium copper.
IBC’s share price began its rally on Tuesday, although it has not yet released news that would account for the sudden interest in its shares. Posters linked to articles about blue-sky potential for beryllium. The company is working with some folks at Purdue University to develop a beryllium-uranium oxide fuel technology.
And despite the silence from the company, posters were happy to be along for the ride.
Simmerdown wrote that the increase was, “Long overdue... But for whatever reason, still a lot of selling pressure. Over half the float of shares are owned by Vangold and Firebird (Passin) so I don't think they've been selling. Insiders and management own a good chunk of shares. It doesn't leave a lot of free shares to be traded. I think this one has been accumulated by some for the past 18 months. Hopefully, better days are ahead...”
And, nosleep added: “I know there's huge potential so i'll hold 25% for now, but isn't anyone worried about the fact that an 8 million dollar financing hasn't closed, which is likely to be done at .15-.16 cents? I could be totally wrong about that, but i don't think i've missed an NR regarding a closing of the financing at all have I?”
