The penny stock of Source Gold Corp. (SRGL) is spanking the monkey on the forehead this morning as no news or chatter is surging it towards 2 cents. The dollar bills being thrown at SRGL stock are reminiscent of a topless dancing bar off of Route 66 where any apparel that has been washed int he last 72 hours is not allowed on the premises. It truly is mind boggling the percentage gain on the small amount of dollar volume which can only mean that someone has their bicycle pump out and no bicycle.
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SRGL Stock Chart
Market Cap: 822.10K
Last: 0.016, up 0.0095 (146.15%)
Dollar Volume: $5,664
Average Trade Size: 14,878
Issued and Outstanding: 51,381,765
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So first notice is that none of Source Gold Corp.’s properties possesses known mineral reserves and that exploration of these mineral claims is required before a final determination as to their viability can be made. That will be hard to do with $17,647 as of April 30, 2012. But that’s not a problem when you can call Asher Enterprises at any time for cash.
Source Gold raised money prior to April 30, 2012 by a number of sources, one of which was through the issuance of a promissory note for $32,500 to Asher Enterprises, Inc. on February 1, 2012 with a due date of October 25, 2012. Up until October 25, 2012, Asher has the ability to convert the promissory note to SRGL stock. Now, do you think they would do that?
On May 14, 2012, they did it again through the issuance of a promissory note for $52,500 to Asher Enterprises due on February 18, 2013 which again allows Asher the ability to convert the promissory note to SRGL stock. Now we know why the PPS of SRGL is moving upwards – so that Asher can sell it as it moves downwards.
About SRGL Stock
Source Gold Corp. is a junior mineral exploration company that, on March 28, 2012, entered into a property option agreement to acquire a 100% undivided right in three tenures comprising 2,785 acres in northern British Columbia, Canada. The Company intends on exploring its mineral properties and has not yet determined the existence of economically recoverable reserves.
Bottom Line: SRGL is trading unusually and deserves to be added to the list of penny stocks to watch. Someone could just as soon come out with a morning alert one of these days which would be the only thing that can be causing this #2flusher to see a rise in its PPS today.
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