Valid Reason for the Sell off: It turns out that the answer to this question is most likely Brent Cook and his news letter followers. See this post:
https://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30779780&l=0&r=0&s=CAN&t=LIST
So if he did tell subscribers on the weekend that he sold, he must fell great now knowing that his comments knocked over $40 million market cap off CAN in 2 days (Monday and Tuesday). Looking at the volumes for those 2 days, one can assume that his comments directly affected some where between 2 to 3 million of those shares traded which is only about 1% of the shares outstanding so a snap back can be really sharp once those shares are secured by long term holders. Again, what does he know about picking stocks? Many of his past picks have fallen massively. Listen to his BNN entire show, he only seem to give positive comments on the stocks he owns.
BNN last night, go to 3 minute mark:
https://www.bnn.ca/Shows/Market-Call-Tonight.aspx
He sold his stock but also said he doesn't have enough data to say what the resource due out in 2 to 6 weeks is going to be. I remind you that Canaco has their own Geologists that knows a lot more about the project than Brent does but I think the company is at a stage where it's not attractive to Brent anymore. Look at his "game plan" below (maybe he was hoping the stock would have already spiked a lot before the resource comes out then sell for fear that the stock may go down after). The stock is already trading at a level of worst case outcome for the resource report so in my opinion, the stock has much higher reward to risk at this level. Also, they have got so much cash that they can easily spend $20 million and by back 10 to 15 million shares for cancellation (this should take care of a lot of the nervous nelly shares).
He did say, no matter what happens this company is not going away. He never said it's a sell, he just said he sold his so stockchase has this incorrectly marked. Given his game plan, you can see why he might have sold -- Canaco is too far into the exploration stage.
Brent's Game Plan:
His game plan is to find early stage projects where drill holes are just beginning to be seen (obviously Canaco is far ahead at this stage). See this clip:
https://www.bnn.ca/Shows/Market-Call-Tonight.aspx
Also, does anyone really believes his stats below are realistic?
1:1,000 probability of finding economic gold deposit
1:10,000 probability of finding gold deposit > 4 million ounces
They certainly are not to me - when you take all the gold mining companies (large to small miners), you will certainly get better ratios on the aggregate of all their projects for finding an economic deposit and it's way better than 1:10,000 of proving up one with greater than 4 million ounces. Not sure where he's getting his numbers from.