Shares in Titan Iron Ore Corp. (TFER) had a huge volume trading session on Tuesday which sent the penny stock to its highest level in three months. No updates have been issued regarding the recent shift in focus to the Company’s Iron Mountain deposit, one of its properties at the wholly-owned Wyoming Iron Complex in Albany County, Wyoming. Regardless of the lack of news, TFER stock, as of the HOD for Tuesday, has now gained 75% since our recommendation as a a “must add” to the list of penny stocks to watch on September 20th.
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TFER Stock Chart
Market Cap: 24.00M
Close: 0.47, up 0.105 (28.77%)
Volume: 545,230
Dollar Volume: $241,346
High: 0.49
Low: 0.37
Trades: 79
Average Trade Size: 6,901
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For nearly a month now, there has been little to no chatter on the message boards or chat rooms about Andrew Brodkey’s Titan Iron Ore Corp. or TFER stock. With 3.7 billion shares authorized and only 51 million issued and outstanding as of August 14, it would seems as if the mineral explorer has sufficient dilution powers to crush this penny stock.
However, looking over the last 10-Q filed for the three months ended June 30, 2012, Titan Iron Ore had no convertible note payables and just the one promissory note outstanding:
On April 10, 2012 the Company entered into a non-interest bearing promissory note in the amount of $6,855,000 with Wyomex Limited Liability Company (“Wyomex”) secured by the Strong Creek and Iron Mountain properties. The note is repayable through advance minimum royalty payments of $62,500 (adjusted for the consumer price index in successive period). commencing six months from the date of closing and after receipt of the initial payment, and every six months thereafter, until the commencement of commercial production from the property. At the commencement of commercial production from the properties, the semi-annual advance minimum royalty shall convert to a 4.5% gross metal value royalty on iron ore and/or other mineral materials produced and sold from the property and, except for events of force majeure, in no event shall the production royalty paid to Wyomex be less than $150,000 in any given calendar year. Repayment of the promissory note may be demanded by Wyomex upon an event of default as defined in the agreement.
About TFER Stock
Titan Iron Ore Corp. is a mineral exploration company that plans to carry out exploration work on their Wyoming Iron Complex in order to ascertain whether it possesses commercially exploitable quantities of iron ore and other metals.
Bottom Line: TFER got hot Tuesday for no reason which forces penny stock traders to take notice and examine what is causing the recent fuel in momentum. TFER is due to issue some PR in the coming weeks which could have been the reason why some savvy speculators moved in on TFER stock in anticipation of it being able to crawl back to its 52 week high; $1.81.
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