Although the commodity markets have been soft sector-wide, M2 Cobalt (MC.V) saw approximately 30% of its value evaporate when the share price fell back from approximately C$0.40 to the current level of C$0.28. There was no company news, and a relatively moderate amount of selling (less than 1M shares were traded since August 7th) reduced the market cap by in excess of C$6M.
A sign for the M2 management and board to step up their plans to increase their positions, and no less than 13 insider transactions were recorded in the past 10 calendar days. An overview:
The four main insiders bought 170,500 shares, or approximately 20% of the total trading volume in the past seven trading days, spending in excess of C$55,000 on buying more stock. A great vote of confidence.
M2 Cobalt is gearing up for a drill program in Uganda, and with in excess of C$4.5M in working capital on the balance sheet, the company remains well-funded.