All it took was one PR for the long anticipated trading to finally commence (again) on the penny stock of US Tungsten Corp. (OTC: USTU). At 10:35AM, news of Barry Wattenberg being appointed as Treasurer and as a Director of the Company initiated USTU stock to finally begin trading just over one hour later. With high hopes of the Tungsten miners to do what hasn’t been down in over 10 years, mine for tungsten within the continental U.S., especially since they removed the $13,512 “Monkey” off their back. If it isn’t already obvious, this is a must have on the list of penny stocks to watch going forward.
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USTU Stock Chart
Market Cap: 63.60M
Last: 0.32 ▲ 0.07 (28.00%)
Dollar Volume: $228,580
Issued and Outstanding: 198,750,000
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Speculators have been tracking US Tungsten ever since the name change from Stealth Resources and 30-for-1 forward stock split back in August, 2012. Despite having little available capital as of September 30, 2012, the Company managed to acquire certain mineral claims in Montana, known as the Calvert Property, from John M. Pulos back on August 21, 2012. The undivided 100% right, title and interest assignment of the property cost a total of $5,000 with an additional $1 million due in increments due over the span of the next 8 plus years, $15,000 of which is due by June 18, 2013.
The real guts and glory to the USTU deal comes for the insiders who had sat on the shares of Stealth Resources since 2007 anticipating something to come from their sole exploration target at the time, the Monkey claim, in the Alberni Mining Division of British Columbia, Canada. With the legal assistance of W.L. Macdonald Law Corporation, aka Macdonald Tuskey, and the accounting consent from De Joya Griffith & Company, LLC, the S-1 was filed and approved, without any amendments, allowing the then President CEO, Secretary, Treasurer & Director of Stealth Resources, Tyrone McClay, to have a publicly listed company.
Looking at the recent 10-Q filing for US Tungsten, the most interesting part is that no shares have been issued or sold since May, 2007. Of the 198.75 million post stock split shares outstanding,
- 135,000,000 issued for cash at $.001 per share, $135,000,
- 37,500,000 issued for cash at $.004 per share, $37,500, and
- 26,250,000 issued for cash at $.02 per share, $26,250
The 135 million, 67.92% of the issued and outstanding, represent the original 4,500,000 pre-split shares Tyrone McClay held at the time of the S-1 filing. Only 19,000 pre-split, 570,000 post-split shares of SERS traded prior to the name and ticker symbol change. The original insiders who were listed on the S-1 filing represent the 37.5 million post-split are now up 7900%, granted they have been sitting on USTU stock for almost 5 years.
Since April, 2011, Matthew Markin, who acquired Clay’s ownership for $9,900, runs the show over at US Tungsten as President, CEO, Secretary, Treasurer, Principal Accounting Officer, Principal Financial Officer and Director — all from one chair. Many know Markin for his American Lithium Minerals Inc. (AMEL) which had a nice, long slide downwards from above $2 in 2010 to, recently, as low as .007. Not once within the time AMEL stock was live did it have a run for longer than two weeks.
Factoring in the assumption that 7900% is just the beginning for the insiders and Markin as well as taking time into the equation, making 50% or more on USTU stock from .32 in less than a month would be a more efficient ROI don’t ya think?
About USTU Stock
US Tungsten Corp., fka Stealth Resources Inc. (SERS), is an exploration stage company engaged in the acquisition and exploration of mineral properties. Click here to view the SEC filings for USTU, here to view their corporate website.
Bottom Line: USTU is fresh and clean, just like their balance sheet, and is required to be in the middle tier of your penny stocks to watch list. Thursday was simply day one for USTU stock and once the rest of OTC world knows about it, you will be thankful to have gotten a taste here first (thanks much in part to Tom).
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