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Ivanhoe Energy (T.IE) jumps 61% in wake of Block 20 participation announcement

Stockhouse Editorial
1 Comment| August 29, 2014


Ivanhoe Energy (TSX: IE, Stock Forum) management was puzzled as to why the market seemed to significantly show love to the company today. As a follow-up to the IIROC request, the company responded to the unusual trading activity.
 
According to the news release, even though the company announced that it intended to fully participate in a new services contract for the development of the Block 20 project located in Ecuador, there are been no activity that would bring about a material change in the company’s business that would justify today’s jump in the market.
 
Stockhouse bullboarders were also at a loss, although there was speculation that over 4% of the float was shorted on the Nasdaq and it was most likely covered today.
 
Shares were up 61.25% at the time of writing to $2.58 per share.
 
Currently there are 16.4m outstanding shares with a market cap of $43.5 million.


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Comments

Johnny881
v.MXR, 30 million shares o/s, management owns 29%, drilling completed on Nevada property in area of 3 other 1 million ounce plus gold mines, results expected with in the next 2 weeks.
4 stars
August 31, 2014
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