After ostrich meat processing didn’t work and sleeping until two months ago, the penny stock of Patriot Gold Corp. (PGOL) has been jumping since its 0.034 low on July 18th. With a surge in volume that hot July trading session of over 1.3 million shares, PGOL stock has gone on to gain as much as 576% with news flowing on mineral samples form their Moss Gold-Silver project. The volume surge was the highest volume trading session in over three years.
With an insanely small number of shares outstanding for the Company partnered with Northern Vertex (NEE.V), a Canadian-based gold exploration and development company, this is a must add to the list of penny stocks to watch for those who trade in the few hundred dollars level.
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PGOL Stock Chart
Market Cap: 4.86M
Close: 0.181, down -0.009 (-4.74%)
Dollar Volume: $23,076
Average Trade Size: 6,964
Issued and Outstanding: 26,824,400
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After Wednesday’s close, PGOL stock is up 432% since announcing initial results from channel samples taken underground near the vicinity of the Allen Shaft at its Moss Gold-Silver project. Not bad for a Company that had no products or services as of May 31, 2012 and used to produce ostrich meat more than a decade ago before ceasing operations on June 1, 2000. A more interesting note on Patriot Gold: the shares outstanding, 26,224,400, have remained constant since at least May 31, 2009.
In the past two months, the Patriot Gold, together with their exploration partners Northern Vertex, have been digging up Arizona and have reported sample results which equate to 956,800 ounces of Measured and Indicated gold equivalent resources and 199,100 ounces of inferred gold equivalent resources. Harry Lappa and his North Springs Resources (NSRS) couldn’t have worded it better if he was to have issued the statement himself.
Who’s really making money on this? The Employee Stock Option plan participants.
On May 30, 2003 while operating as Northern Ostrich Corp., the Company issued a stock option plan for 335,000 shares. On June 11, 2003, the name changed to Patriot Gold Corp., and, one week later, a 7.6-for-1 forward stock split was effected. Those 335,000 shares now became 2,546,000. On September 23, 2003, they added an additional 3,000,000 shares to the plan. Note, the offering prices are calculated on the average closing price on a specific date.
As of May 31, 2012 there were 791,000 shares and 1,800,000 shares of common stock available of common stock available for grant under the 2003 and 2005 Plan, respectively. A new ESO was just offered on July 20, 2012 for 3,900,000 shares.
On July 9, 2012, Patriot Gold Corp.’s Board of Directors granted options to purchase:
• 700,000 shares of PGOL stock under the 2003 Plan. The stock option vest on January 9, 2013 and have an exercise price of $0.10 per share and expire 10 years from grant date.
• 1,700,000 shares of PGOL stock under the 2005 plan. The stock options have a three vesting schedule with vesting 100,000 shares on January 9, 2013, 800,000 shares on the January 9, 2014 and 800,000 shares on January 9, 2015. The options have exercise prices of $0.10, $0.20 and $0.30 corresponding to their vesting dates and expire 10 years from the grant date.
• 100,000 shares of PGOL stock under the 2012 Plan. The stock options vest immediately, have an exercise price of $0.03 per share, and expire 10 years for the date of grant.
As of July 31, 2012, the 100,000 common stock purchase options, granted on July 12, 2012, were exercised.
About PGOL Stock
Patriot Gold Corp. is engaged in natural resource exploration and anticipate acquiring, exploring, and if warranted and feasible, developing natural resource properties. Currently the Company is in the exploration state and are undertaking exploration programs in Arizona and Nevada.
Bottom Line: Gold exploration penny stocks like PGOL get hot, real hot, but rarely ever amount to much more than momentum plays. Which stage of momentum PGOL stock is in would seem to be a mature stage since news has come out twice this week already. The main issue is liquidity.
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