September 12th NEX

In yesterday's NEX trading, the Barrel's Bottom Composite index closed at 87.19, down 0.30 points or 0.343% from the previous day's close of 87.49. The stock that headlined yesterday's report, Maximum Ventures Inc. [NEX: MVI.H], pulled back yesterday. This drop didn't affect the entire BBC Index that much until the last hour of trading, though, when the latter dropped 0.84 points. For the rest of the day, the BBCI was up from Tuesday's close. The initial rise was largely due to strong openings in both Rocher Deboule Minerals Corp. [NEX: RD.H] and Toba Industries Ltd. [NEX: TBG.H]. After sinking back to barely above yesterday's closing level, the index rebounded in mid-afternoon, in part because of a secondary recovery in MVI.H but also because of a temporary upsurge in RD.H. As the afternoon wore on, the disappearance of the influence of those two gain-inducers was compensated for by a broadening of the gainers. In the end, though, a plummet in MVI.H from 70 cents/share as of 3 PM ET to 60 cents/share at the close pulled the BBCI from a gain of more than half a point to a loss of three-tenths.

Here are the values for the Barrel's Bottom Composite for the NEX, hour by hour:

• 10 AM: 87.94
• 11 AM: 87.67
• 12 PM: 87.65
• 1 PM: 87.63
• 2 PM: 88.07
• 3 PM: 88.03
• 4 PM/Close: 87.19

Forty-one NEX stocks traded yesterday. Of these, 13 advanced, 11 declined and 17 remained unchanged. There were 162 trades. The top trader in terms of raw volume was Toba Industries, which closed at 13 cents/share for a gain of 1.5 cents/share on the day with volume of 212,500 shares. The other Barrel's Bottom report and the TSX Venture closing summary for yesterday have Toba at #4 in terms of value of shares traded. The top spot in the latter category was taken up by Maximum Ventures, which closed at 60 cents/share, down 15 cents/share from Tuesday's close. Toba placed ninth on the the top-ten list of volume traded divided by total shares outstanding, found below, and Maximum didn't place at all.

One NEX company was mentioned in yesterday's TSX Venture Exchange Daily Bulletins, because trading in it has been suspended. Infinite Resources Inc. [NEX: INF.H] has been halted by request of the B.C. Securities Commission because Infinite didn't file any financial statements [with them] for the last quarter. It'll remain suspended until it does. INF.H didn't trade at all yesterday, even though the order was issued in the early afternoon.

There was one news release from a NEX company that was picked up by Marketwire yesterday, issued at 3:44 PM ET. Isee3d [NEX: ICT.H] has closed $290,000 of a planned $1.5 million private placement, which cannot be completed in its entirety until Isee3d has moved back to Tier 2 of the Venture Exchange, which it plans to do. Once done, a further $1 million will be raised. Central to the plan to get back on the Venture is the reactivation of Isee3d's business - specifically, the commercialization of some 3-D stereoscopic imaging patents it holds. The completed tranche of the private placement involved the sale of 966,667 units; each unit was composed of one common share and a warrant to purchase a common share at 50 cents/share for a timeframe of one year. Two insider companies subscribed to the placement: Lirojen Enterprises Ltd. for 133,333 units, and PanLiant Financial Corp. for 166,667 units.

Two NEX companies were the subjects of other releases distributed by Canjex Publishing. The first, from Earthramp.com Communications Inc. [NEX: ERA.H], states that the company has granted options for as much as 1.83 million common shares "to certain officers, directors and a consultant of the corporation." Each option has a strike price of 10 cents/share, and all of them have a five-year lifespan. ERA.H closed at 7.5 cents/share yesterday, down 1.5 cents from the previous close established on August 2nd. This close made for a new 52-week low for Earthramp.

The second release came from Infinite Resources [NEX: INF.H]: its interim financial statements [PDF file] and M D & A [another PDF file] for the second quarter of 2007 were filed. According to the former document, which has not been reviewed by an auditor, Infinite lost 1 cent/share for the quarter, as compared with a 1 cents/share loss in the second quarter of 2006. It had no revenue in the quarter, so the loss resulted from expenses incurred in keeping the company ticking over. The biggest quarterly expense was "management fees," in the amount of $7,500. This quarterly charge is unchanged since the second quarter of 2006. What has changed in Infinity's financials, though, is that it has run out of cash. Its net cash position is a deficit of $2,368 in bank indebtedness; the balance-sheet entry for the asset "Cash" is zero. Book value is -18.1 cents/share, worsening slightly from -17.6 cents/share as of the second quarter of 2006. The accompany M D & A warns that the company, in order to follow through on its intention to "seek new acquisitions and opportunities in both the mineral and petroleum sectors," is going to need new equity financing. The number of shares outstanding, according to the financial statement, was unchanged over the last 12 months, indicating that no equity financing has come through in the last year. Except for Bank Indebtedness, the liabilities have changed little too, indicating that no new debt financing has been secured for any such project in the last 12 months either. Infinite's stock didn't trade at all yesterday; the last day that INF.H traded was August 28th, in which it closed at 18 cents/share. The 52-week high for INF.H is 20 cents/share; the 52-week low is 13 cents/share.

Four NEX stocks traded more than ten times yesterday. Like the day before, the most numerous trader yesterday was Rocher Deboule, with 16 trades. Twelve of those sixteen were at the closing price of 55 cents/share. Of the other four, two were at 57 cents/share and two were at 52 cents/share. The 57-cent'ers were made in the early afternoon. The 52-cent'ers, both of which were odd-lot sized, were made in the mid-to-late afternoon. The 57 cent'ers were both multiples of board lots in volume. RD.H was up 3 cents/share on the day; it made #8 on the top-ten daily-turnover list, found below

The second-most numerous trader was Maximum Ventures, as was the case Tuesday. MVI.H traded 15 times yesterday. As indicated above, Maximum spent almost all of the day sliding downwards: all but two of those 14 trades were either at or below the price of the previous trade. The first seven were made within four minutes of the open; 5 of those were made right at the open. All of those first five were for 74 cents/share, and the subsequent two were for 75 cents/share. By late morning, though, MVI.H had dropped to 70 cents/share. After a further slump to 65 cents/share between 12:47 and 12:49 PM ET, Maximum recovered to 70 cents until the last trade of the day of 1,000 shares at 60 cents/share. MVI.H's total volume for yesterday was 80,100 shares.

There was a two-way tie for the third-most-numerous-trader category yesterday; each of the two issues had 12 trades. The first was the same as the third placer on Tuesday: Network Exploration Ltd. class 'A' [NEX: NET.H]. After one odd-lot trade which began its trading, as of about 11:13 AM ET, NET.H advanced to 21.5 cents/share and stayed there between 11:46 AM and 12:10 PM ET. It then declined for the rest of the day to close at 20 cents/share, down 1 cent/share on the day. Network made #5 on the top-ten list of volume divided by total outstanding shares, found below.

The other stock with 12 trades, the above-mentioned Isee3d, acted like a real "odd ball" in yesterday's trading. Despite it tying third in number of trades, its total daily volume for yesterday was a mere 1,188 shares. All of those trades in ICT.H were odd-lot sized; the largest was for 333 shares. So, formally, the co-holder of the third largest number of trades closed unchanged because none of the trades could have changed the closing price. (By convention, a a trade less than a board-lot size doesn't change the officially-reported price.) So, Isee3d held its closing price of 37 cents/share yesterday.

The top percentage gainer in yesterday's trading was Cantrell Capital Corp. [NEX: CLJ.H], which closed at 8 cents/share for a gain of 3 cents/share or 60% over the previous close (at August 22nd) of 5 cents/share. Two trades totaling 2,000 shares did it. The first, of 1,000 shares at 7 cents/share as of about 10:41 AM ET, was followed by the second and final trade of 1,000 shares at the closing price a little less than an hour later.

The top percentage decliner for yesterday was Global Tree Technologies Inc. [NEX: GTT.H], which fell back to 1.5 cents/share for a loss of 0.5 cents/share or 25%. One board-lot sized trade in GTT.H did it; the other, of odd-lot size, was made at 0.5 cents/share.

Finally, that above-mentioned list of yesterday's top ten traders, as measured by % of total outstanding shares, or daily turnover:

1. Rose Marie Resources Ltd. [NEX: RSR.H] - 3.52% of total shares outstanding;
2. Gold Star Resources Corp. [NEX: GXX.H] - 2.48% of TSO;
3. Avigo Resources Corp. [NEX: TMX.H] - 0.744%;
4. Arcland Resources Inc. [NEX: ADR.H] - 0.555%;
5. Network Exploration Ltd. class 'A' [NEX: NET.H] - 0.548%;
6. Lomiko Resources Inc. [NEX: LMR.H] - 0.515%;
7. IDG Holdings Inc. [NEX: IDH.H] - 0.477%;
8. Rocher Deboule Minerals Corp. [NEX: RD.H] - 0.404%;
9. Toba Industries Ltd. [NEX: TBG.H] - 0.388%;
10. Galleria Opportunities Inc. [NEX: GOI.H] - 0.362%.

NOTE: I am not affiliated with the TSX, nor is this blog. The Barrel's Bottom Composite index is not endorsed by the TSX.

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