According to recently filed 8-K with the SEC (see summary here), once hot penny stock North Springs Resources (OTCQB: NSRS) has terminated its “RIO Agreement”. Shares of NSRS closed yesterday at 0.1530, down 1.567 from its high one month ago today.
Investors are cautioned to research NSRS thoroughly before investing.
From the 8-K:
On January 7, 2012, the Company entered into a Property Option Agreement (the “Rio Agreement”) with Guyana AU Corp, Inc. (“GACI”) whereby the Company acquired the right to conduct mineral exploration activities for a term of three (3) years on 12,490 acres of prospective ground. Additionally, the Company entered into a Property Option Agreement (the “Belo Agreement”) with GACI whereby the Company acquired the right to conduct mineral exploration activities for a term of three (3) ears on 12,560 acres of prospective ground. The description of the terms of these agreements were reported in a current report on Form 8-K, filed with the SEC on January 10, 2012, and is incorporated herein by reference.
Due to unforeseen delays by GACI in making the title available in a useable way and in a timely fashion, both parties mutually agreed to terminate the agreements, effective February 15, 2012. There were no penalties incurred by the Company.
NSRS has apparently been one of the highest traded penny stocks for the last two months in both volume and total number of trades. Investors should understand the meaning of Caveat Emptor before entering into a trade in NSRS.Share