At first glance, the stock chart of Viking Minerals Inc. (VKMD) for the month of August looks like a typical pre-promotion setup after the share dump on the 21st. The inaugural share dump of 280,665 shares driving the price up from 0.05 to 0.17, a one day gain of 240% drew the attention of traders. However, the Company reported on their 10-Q that there were only 108,000 shares of VKMD stock issued and outstanding as of August 14, 2012. So what gives?
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VKMD Stock Chart
Market Cap: 12.08M
Close: 0.08 (no gain/loss)
Average Trade Size: 5,790
Issued and Outstanding: 151,058,000
With a cost basis of just $0.001 per share, Pozor Investments Ltd., Tahir M. Baig and Kosmas Enterprises Corp. are currently up 7,900% on any remaining shares owned from each of their conversions of $6,650.00 into 6,650,000 shares of VKMD stock, a total of 19,950,000 shares. (see here)
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Viking Minerals was like an abandoned Viking ship as of June 30th – a shell with no assets whatsoever, hence the 108,000 shares outstanding after the 1-for-1,000 reverse stock split. After the split took effect, Viking entered into a joint venture agreement with GMM Global Multi-Mining Diversified Group Limited, whereby GMM is a party to that agreement between Corizona Mining Partners LLC and GMM. So, not a friend of ours, but a friend of mine.
The deal GMM is in is for a 60% equity interest in Corizona’s rights, title and interests in a 10 year lease of mining concessions named “RECA I,”, “RECA II” and “RIO ROJO” covering roughly 800 hectares which is owned by Corporacion Minera Mario S.A. Under the terms of the agreement, GMM is required to pony up half a mil to the Peruvian Legal Entity for purposes of acquiring, exploring and developing the Project. For their no assets on hand contribution, Viking issued 131,000,000 shares of its restricted VKMD stock.
So, 108,000 + 131,000,000 + 19,950,000 = 151,058,000. Not just another Sexy Asian who’s good at Math.
About VKMD Stock
Viking Minerals Inc. is a pre-exploration stage company that is presently seeking mineral claims for development. The Company has not yet generated any revenue from its operations.
Bottom Line: View VKMD as a penny stock to watch if, and only if, momentum builds or every other OTC listed stock is halted. Other than that, VKMD, formerly VKML, is a #2Flusher.
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