The Hottest Penny Stock, North Springs Resources (OTCQB: NSRS) has gone from being the best penny stock to buy to the most volatile stock within minutes earlier this week. Multiple times we have alerted on the risk involved with NSRS, the scam and the unavoidable crash of the stock coupled with the corporate history of NSRS CEO Harry Lappa
Many think it is still a good penny stock to buy since its collapse from $1.72 with various claims of the plunge being caused by a short squeeze.
Nothing could be further from the truth as there were only 1.75 Million shares shorted as of January 31 which could be covered within 30 minutes of a trading session. Therefore, that claim is simply unwarranted.
NSRS One Day Chart: February 10
The truth is no one except insiders who aggressively traded NSRS Friday, which hit 42 cents at 12:35pm and was back above the 50 cent level 45 minutes later, are the only ones who know where the Oil & Gas Exploration, Development & Acquisition Company is going.
Did I say Oil & Gas?
My Mistake. NSRS is a Gold Mining Company. How Could I make that mistake? Ahhh because their last 10Q filed with the SEC December 19th states them to be in Oil & Gas while their website and Yahoo Corporate Profile have them as a company focused on the evaluation, acquisition, exploration, and development of mineral resource properties, primarily precious metal properties in Nevada.
Curiosity raises one to do some due diligence digging so lets head to OTCMarkets.com and see what we find:
|Reporting Status||U.S. Reporting: SEC Filer|
|Audited Financials||Not Available|
|Latest Report||Not Available|
|Regulatory Agency||Not Available|
|Fiscal Year End||4/30|
|OTC Market Tier||OTCQB|
|SIC – Industry Classification||1381 – Drilling oil and gas wells|
|Incorporated In:||NV, USA|
|Year of Inc.||2009|
|Harry Lappa||President, CEO, CFO|
- Formerly=Aurum Resources Corp. until 7-2011
NSRS Security Details
|Market Value1||$351,480,000||a/o Feb 09, 2012|
|Shares Outstanding||696,000,000||a/o Oct 31, 2011|
|Authorized Shares||Not Available|
|Shareholders of Record||6||a/o Aug 03, 2011|
Short Selling Data
|Short Interest||1,752,230 (+157.36%)
Jan 31, 2012
As for: research firm IRI still stands by their price figure and also still has NSRS recommended as a “STRONG BUY” Seriously? The $350,000,000 potential mentioned in the recent press release from NSRS is the potential Harry Lappa stands to make with the shear amount of shares owned and volume created in this
Oil & Gas Gold Exploration Company.
Scams are always out there and always going to be out there. Due Diligence is the key to keeping the skin on your fingers. Trading Penny Stocks like this are risky but with the correct advice, timing and a regimented plan, profits can be made safely and losses minimized.
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