Stockhouse Short Report: A Coal That Doesn't Bind
By Benzinga Staff
November 15, 2011 1:55 PM
November 15, 2011 1:55 PM
A recent surge in the value of Colonial Coal International Corp. shares means that it might be right time for investors to consider taking some profits off the table.
After closing at $1.60 on Thursday, the stock has leapt from the$1 level in early October, giving the company a market cap of $96 million, based on 60.2 million shares outstanding.
This tightly held stock, of which roughly 27% is held by management, is trading in a 52-week range of $1.97 and 80 cents.
The recent jump is a big one for a company that is without revenues and which is still a long way from delivering on an ambitious business plan that involves transporting metallurgical coal from two properties in northeastern British Columbia's Peace River area to buyers in Asia.
Originally posted here.
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