Funding news can bring a Company some much needed momentum just as easily as it can bring them an unstoppable sell-off. After reaching $1.09 in early trading today, our September alert on the penny stock of Titan Iron Ore Corp. (TFER) has now booked over 289% gains. Closing in ever so slowly on its 52 week high, TFER stock is starting to give the Awesome Penny Stocks alerted TagLikeMe Corp. (TAGG), up 144% at today’s HOD since our early alert, a run for its money as top dog on the OTC. Just remember the history behind the minerals exploration company as we detailed back in April. (see here)
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TFER Stock Chart
Market Cap: 52.09M
Close: 1.02, up 0.09 (9.09%)
Dollar Volume: $6,426,384
Average Trade Size: 3,228
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A month ago when shares of Titan Iron Ore Corp. were trading at 0.28, there was only one newsletter that was covering TFER stock and guess who it was.
About TFER Stock
Titan Iron Ore Corp. entered into securities purchase agreements on October 18, 2012 with two investors, pursuant to which the Company sold an aggregate of $235,300 face value in principal amount of 5% convertible debentures due October 18, 2013. In addition to the Debentures, the Company issued an aggregate of 705,901 common stock purchase warrants with each Warrant entitling the holder to acquire one share of TFER stock at a price of $0.25 per share for three years. The Investor paid the Company the aggregate subscription amount of $200,000 for the Debentures and the Warrants, which subscription amount was at a 15% discount from the principal amount of the Debentures.
Click here to view the SEC filings for TFER.
Bottom Line: TFER is still one heck of a hot penny stock and the level 2 trading is indicative of the market makers continuing to show increased activity. As was in June when TFER stock peaked at 0.59, the drop off should not be as dramatic when the momentum fades away as it is expected to be on TAGG. Now that a $1 plus close has finally happened, expect to see some pull back early Thursday.
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