In September, we profiled the insider trading activity on the penny stock of Hondo Minerals Corporation (HMNC) and the bullish activity happening. Earlier today, the Company announced that they received an unsolicited offer for for $0.62 per share in combination of cash and in stock on Tuesday, November 20, 2012. Although the price of HMNC stock has dropped nearly 10 cents since we thought it was worth monitoring, today should spark an immediate break out on the precious and non-precious metals miner which could be worth 376%.
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HMNC Stock Chart
Market Cap: 10.88M
Close: 0.13, up 0.01 (8.33%)
Price We Began Watching At: 0.249
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According to the early morning PR (see here), the LOI is subject to due diligence by both parties whereby further requirements of the LOI included:
• Hondo Minerals complete a 43-101 reserve report relating to the minerals at the Tennessee Schuykill Mine property in Chloride, Arizona which is to be prepared and issued by an independent third party;
• Verification of the E-Leach technology as a process relating to the leaching of precious metals; and
• Verification of the status of rights regarding patents covering the leaching process.
Hondo Minerals’ BoD approved the LOI and sometime over the next 120 days, the parties will negotiate the terms and prepare the Definitive Agreements that will govern the proposed purchase. Translation: HMNC at 0.13 to possibly see a buyout at 0.68 would be a 376% gain — we knew we liked what they were doing when we researched them.
About HMNC Stock
Hondo Minerals Corporation is engaged in the acquisition of mines, mining claims and mining real estate in the United States, Canada and Mexico with mineral reserves of precious metals or non-ferrous metals.
Last 5 Trading Sessions:
Click here to view the SEC filings for HMNC.
Bottom Line: HMNC has to be on your list of penny stocks at the open. With chatter so thin on HMNC stock, early traders might get their hands on some shares at around the last closing price. When you think that news should come out about the buyout within the next 120 days, most traders could do that standing on one leg for the chance of 300% plus gains.of
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