Major Precious Metals Unaware of Any Material Change
Major Precious Metals Corp. (CSE:SIZE | OTC:SIZYF) confirmed no material changes in operations that would explain its recent stock price decline despite reporting a resource estimate of 5.5 million palladium equivalent ounces indicated and 14.4 million ounces inferred at Skaergaard. The company indicated that manipulative trading practices, including spoofing and wash trading, may have impacted share prices. Experts highlight concerns about predatory short selling in Canadian markets, with recommendations for regulatory reforms to curb such practices.
- Reported 5.5 million palladium equivalent ounces indicated resource and 14.4 million ounces inferred at Skaergaard.
- Stock price significantly declined despite positive resource report.
- Company is affected by manipulative trading practices like spoofing and wash trading.
- Predatory short selling is prevalent in Canadian markets, impacting share performance.
VANCOUVER, British Columbia, April 28, 2021 (GLOBE NEWSWIRE) -- Major Precious Metals Corp. (“Major Precious Metals” or the “Company”) (CSE:SIZE | OTC:SIZYF | FRANKFURT:3EZ) wishes to confirm that management is unaware of any material change in the Company's operations that would account for the recent significant share price depreciation, following the successful report of its 5.5 million palladium equivalent indicated resource and 14.4 million palladium equivalent ounce inferred resource at Skaergaard.
The Company has been informed by its advisors that sophisticated techniques including spoofing, layering, wash trading, manipulation through multiple brokerage houses and the use of aggressive algorithms targeting the bid/offer designed to give the appearance of weakness in the Company's shares have been utilized in trading in the Company's securities.
Mining companies have been frequent targets of predatory short selling. Experts say that Canada’s lax regulations around the practice have allowed abusive forms of short selling to flourish in the Canadian markets (https://magazine.cim.org/en/news/2021/regulators-to-take-steps-against-short-selling-en/). Ontario’s capital markets Modernization Taskforce has targeted abusive short-selling in its final report, which recommended measures that specifically target various forms of short-selling, including naked short-selling (https://www.investmentexecutive.com/newspaper_/news-newspaper/report-targets-abusive-short-sellers/). The Company hopes that amendments to relevant legislation is implemented soon to provide regulators with the necessary authority to prevent these predatory selling techniques.
Join our mailing list to receive our latest news and updates: https://majorprecious.com/investors/
On behalf of the Board of Directors
MAJOR PRECIOUS METALS CORP.
Paul Ténière, M.Sc., P.Geo.
President and CEO
Suite 810 - 789 West Pender Street
Vancouver, BC V6C 1H2
Ph: (604) 687-2038
pteniere@majorprecious.com
About Major Precious Metals Corp.
Major Precious Metals is a Canadian junior mining and exploration company based in Vancouver, BC that owns a diversified portfolio of exploration properties within some of the most promising precious and base metal deposits worldwide. Major Precious Metals is also engaged in the business of acquiring and exploring precious metal projects near or adjacent to existing mining operations controlled by well-established mining companies.
Major Precious Metals is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "SIZE." Additional information relating to Major Precious Metals is available at www.majorprecious.com and SEDAR at www.sedar.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
Forward-looking Information Statement
This news release may contain certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian and United States securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of a mineral resource estimate for the Skaergaard Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
FAQ
What recent resource report did Major Precious Metals announce?
Why has Major Precious Metals' stock price declined?
What regulatory concerns are raised in the Major Precious Metals press release?
What trading practices have impacted Major Precious Metals' share price?
