Providence Gold Mines shares surged 42.9% to C$0.05 on heavy trading, with no official reason given.

Providence Gold Mines (CVE:PHD) shares jumped 42.9% on Friday, closing at C$0.05 on heavy volume of about 273,000 shares, 182% above average. The exploration-stage gold company, with interests in California’s Providence Mines Property, has a market cap of C$3.18 million and a negative P/E ratio of -1.25. Its 50-day and 200-day moving averages are C$0.04 and C$0.03, respectively. No specific reason for the surge was provided.