Pursuing opportunities in the gold mining industry, with emphasis on opportunities in South America, the penny stock of Ensurge, Inc. (OTC: ESGI) did just that Wednesday, surged, after announcing a new President/CEO, Canadian businessman Jamie Miller. Shares of ESGI stock were not among the top OTC traded stocks, but did manage to set a new 52 week high after gaining .09 from the open price. Looking to strike it rich in Guyana through their new subsidiary, TransGlobal Gold Corp., the share structure is sexy enough to dig deeper into this one.
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ESGI Stock Quote
Market Cap: 4.42M
Last: 0.13 ▲ 0.105 (+420.00%)
Dollar Volume: $12,803
Issued and Outstanding: 34,038,726
14-Day Rel Strength: 61.00%
14-Day Stochastic: 100.00%
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Wednesday’s PPS jump on a day when the OTC was getting massacred definitely drew some attention to Ensurge’s ESGI. Making the managerial moves necessary so former President/CEO, Jordan M. Estra, can focus on their subsidiary, it looks as if TransGlobal Gold is sticking with their plan of commencing mining operations by Q3, 2013.
Ensurge’s TransGlobal Gold has its 2,542 acre, wholly controlled Guyana Mining Claim in the Higgins Landing area on the Mazaruni River which has the capabilities to produce both gold and diamonds. Looking closer at the recent financial events and the insider’s holdings from the recent K filing, it looks as if ESGI could do the same.
First off, Ensurge wiped $1.5 million in debt off their books by entering into an agreement with Next View Capital, LP and Zadar, LLC, which had notes payable worth $1,512,500. The notes were moved to the Company’s wholly owned subsidiary, Ensurge Brasil, LTDA all for the small price of 1,000,000 shares of ESGI stock to each note holder.
Secondly, the insider’s are holding a ton of ESGI stock. As per the K filing from May 17, Jordan Estra and Jeff Hanks, CFO, held 2,600,200 shares (7.6%) while 5% beneficial holders, none of which are known to be toxic financiers, held 14,438,921 shares (42.4%). Add those up and subtract and you get a float of roughly 17 million.
It’s hard to tell whether or not ESGI is going to be a mover and a shaker just yet. With the sporadic trading history the stock has had so far this year, a dip and some regularity will be key for traders to have the confidence to consider this gold explorer “in play.”
About ESGI Stock
Ensurge, Inc. is a development stage gold processing and mining company engaged in exploring and developing gold mining opportunities in Brazil and Guyana through their new subsidiary, TransGlobal Gold Corp.
Last 5 Trading Sessions:
420% gain on the day definitely caught the attention of a number of penny stock traders after the closing bell yesterday. Keep an eye on ESGI stock and see what develops from here for the remainder of the week. Even with the sexy share structure and recent developments from within (like updated SEC filings and debt reduction), entry points below .10 are the target before chasing what might be nothing at all.
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