The Culpeo Minerals Ltd (ASX: CPO) share price soared a massive 41.18% this morning before the company was handed a speeding ticket.
Before entering a trading halt on the back of the ASX’s warning, Culpeo released news of a diamond drilling program.
The ASX newbie listed on the exchange less than a fortnight ago. Since then, Culpeo’s stock has gained an impressive 56.5%.
Right now, the Culpeo share price is 36 cents. It will remain frozen there for the near future.
Let’s take a look at what’s going on with the copper exploration and development company’s shares today.
Culpeo’s stock sparks suspicion
The Culpeo share price is currently frozen following its 41% surge this morning.
Before market open on Monday, Culpeo had announced news of the first drilling program at its flagship Las Petacas Copper Project, located in Chile’s Atacama Desert.
The program will test zones of known high-grade copper mineralisation, as well as recently defined, high priority geophysical targets.
Culpeo already found new zones of visible surface copper mineralisation while it was constructing its drill pad.
On open, the Culpeo share price took off, apparently prompting the ASX to smell a rat.
In the 16 minutes between the market opening on Monday and the ASX pausing trade of Culpeo’s stock, a whopping 2.45 million of the company’s shares were traded.
For context, that’s approximately 4.4% of Culpeo’s outstanding shares.
Culpeo has since entered a trading halt. Right now, it’s preparing to respond to the speeding ticket and extraordinary levels of trade.
It has until the ASX opens on Wednesday to craft a response, otherwise its shares will be put back into circulation without word from the company.
Culpeo share price snapshot
The Culpeo share price is currently 56% higher than it was at the end of its first day on the ASX and 80% higher than its prospectus’ offer price of 20 cents apiece.
At its current share price, the company has a market capitalisation of around $19.8 million. Culpeo has approximately 55.19 million shares outstanding.
The post Culpeo (ASX:CPO) share price rockets 41% prior to speeding ticket appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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