Minerco Resources, Inc. (OTCMKTS:MINE) Gets Third Double-Digit Green Day
Over the last three market sessions Minerco Resources, Inc. (OTCMKTS:MINE) doubled in price, going from $0.0014 to $0.0028 per share. Volume remained furious over all three sessions, compared to the average for the company.
Refreshingly, this time around the movement happened without the assistance of detectable paid pumps. The company was last touted in late June, with the usual short-lived price spike that cooled down to pre-pump levels within a couple of sessions. MINE is a company that is, to say the least, peculiar. Its website claims that it’s a business focused on both renewable energy and retail beverages – talk about diversity!
The current focus seems to be on the beverage side of the business, with MINE subsidiary – Level 5, receiving a lot of attention in recent press releases. Level 5 entered a brand management agreement with Power Brands in late June. Actually the press announcement for it coincided with the pump emails. The company is still gearing up for the launch of its new energy drinks.
MINE is by no means the first OTC company that thinks it has the magic formula to make it on the beverage market. The company is however intensifying the pace of the press releases related to its forthcoming beverage. The last one informed investors that the raw products needed for the initial production run of the first of a line of beverages have been ordered. Obviously, a number of traders thought this was something to get excited about as the stock climbed sharply.
How exactly MINE intend to leverage its product on an already crowded market is not too clear yet, except that they have an agreement with Power Brands that should help. The financial side of things over at MINE is not too helpful. Here is a brief look at MINE‘s latest quarterly dated April 2013:
- $919 in cash, comprising total current assets
- $1.7 million in liabilities
- ZERO in quarterly revenues
- $194 thousand in quarterly net loss
With very limited financials and the outstanding shares approaching the authorized number, MINE looks like it may have a hard time getting its beverages on the shelves. In May and June this year the company also issued over 300 million common shares, clearing old convertible notes. In addition to pumping out that gargantuan number of shares, MINE also issued two further toxic convertible notes for $74 thousand, convertible at a 55% discount of an averaged lowest closing price. While this sum may appear humble, with the stock price of MINE it could be turned into a couple hundred million shares more – just a side note that investors may want to consider.
MINE took a brief dip at today’s open but then recovered and are currently steady at 3% up in early trading.
Other OTC stocks that held investors’ attention yesterday include Liquidmetal Technologies, Inc. (OTCBB:LQMT) who surged 223% up. The stock opened today’s session with a considerable gap down and is currently trading 33% in the red. Globalstar, Inc. (OTCMKTS:GSAT) generated significant volume but moved just 1.5% up to a close of $0.65 per share.