When you claim to book revenues of $3.14 million in fiscal 2012 and are embarking on a multi-million dollar expansion to raise full production capacity to 500 ton per day for your mineral mining facility but can’t get your financial filings current, something smells rotten in Denmark. Lucky for them, Southridge Enterprises Inc. (SRGE) is U.S. based and their Cinco Minas Mill is in Jalisco, Mexico where the smell is camouflaged. Proof once again that PR is more important than hard numbers, SRGE stock, with their big fat red stop sign attached, is currently leading the OTC markets as the most traded penny stock.
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SRGE Stock Chart
Market Cap: 5.23M
Last 10:49am: 0.0062, up 0.0023 (58.97%)
Dollar Volume: $711,360
Average Trade Size: 215,212
Issued and Outstanding: 843,084,868
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With no current data and that red stop sign in front of their ticker symbol, Southridge Enterprises is one pink sheet penny stock turning heads to start this week. Having gained as much as 131.71% today, all the momentum has been building since the stock began trading heavy to start September having gained 2,275% as of today’s high. Why is SRGE so hot?
On September 5th, the Company stated via press release that record mineral production and revenues for Q4 and the fiscal year ending August 31, 2012. Southridge managed to increase production from their 60 ton per day mill site at Cinco Minas in Jalisco processing over 9,000 tons of ore and booking$3.14 million in revenues. They amazingly had these number ready within 5 days of the end of the month but can’t seem to pay an accountant $50,000 to get their filings current with OTCMarkets.com.
Today’s power surge in SRGE stock is stemming from they already started a multi-million dollar expansion of their Cinco Minas Mill which is said to raise full production capacity to 500 ton per day, 8X what it supposedly already is capable of, by the end of 2013. Wait a second, i was born at night, but it wasn’t last night or at any of the NightCulture (NGHT) sponsored events. Is this #2Flusher really worth trading nearly a million dollars worth before lunch on no financials and fluff news? Weirder things have happened like TBX pulling out of the Viking Minerals (VKMD) promo because it didn’t do as well as they hoped.
About SRGE Stock
Southridge Minerals, Inc. is a U.S.-based mineral exploration company dedicated to acquiring and developing mineral resources in geologically permissible and politically stable areas of the world. Southridge is currently focused on projects in Mexico.
Bottom Line: SRGE may be the hottest penny stock to start the trading week off, but this hunk-a-junk has more love for it on the boards than monkeys who can ride tricycles. Keep a close eye out on SRGE stock and watch it return back to the triple zeroes shortly.
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