Since the beginning of the year, the penny stock of BMB Munai, Inc. (BMBM) has been on a slow upward climb from .15 but never had any real volume to it. All of that changed Monday when over 7 million shares traded on BMB stock after they reported the escrow period expired from their Participation Interest Purchase Agreement with MIE Holdings Corp. (HKEx: 1555), and its subsidiary, Palaeontol B.V., to sell all of its interests in its wholly-owned subsidiary Emir Oil, LLP to Palaeontol for $170 million. The announcement triggered BMBM stock to have its highest volume trading session ever since delisting fromthe NYSE Amex.
Click HERE To Make Sure You Don’t Miss Any Of Our Breaking Alerts!
BMBM Stock Chart
Market Cap: 15.17M
Close: 0.272, up 0.052 (23.64%)
Dollar Volume: $1,882,363
Average Trade Size: 32,680
Issued and Outstanding: 55,787,554
Looking for Hot Penny Stocks?
Click here and get Alerts on the Best Penny Stocks FREE
Basically, BMB Munai now has full access, since September 20, 2012, to the entire $36 million being held in escrow without any depletion for indemnification obligations from their Participation Interest Purchase Agreement. Now that that is over and they have voluntary delisted their common stock from the NYSE Amex as of a year ago, September 29, 2011, BMBM’s principal business operations have been focused on satisfying certain post-closing undertakings to assist the MIE subsidiary with the acquisition of certain contracts, leases and transfers of rights in accordance with the Purchase Agreement and exploring opportunities to exploit the expertise of their management staff within the oil and gas sector in the Republic of Kazakhstan.
With $36 million now unrestricted dollars, it will be itnersting to see which direction BMB Munai goes with it.
About BMBM Stock
BMB Munai, Inc. is an independent corporation engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. “Munai” means oil in the Kazakh language. Through their former wholly owned subsidiary Emir Oil, LLP, a Kazakh limited liability partnership, the Company owned a 100% interest in a license to use subsurface mineral resources and in a hydrocarbon exploration contract issued by the Republic of Kazakhstan government for the ADE Oil & Gas Fields.
Click here to view the SEC filings for BMBM.
Bottom Line: Cash in hand and nothing to do with it could be the catalyst that send this penny stock into full throttle considering they have successfully closed one major deal. BMBM stock doesn’t get a lot of love, but its now on the radar screen and should be watched closely. If they paid off all their debt, they would still have roughly $18 million to play with.
Here is your opportunity to subscribe to the Most Read Penny Stock Newsletter
If You Can’t Make Money With Us, You Shouldn’t Be Trading Penny Stocks
(We are 100% Anti-Spam and will never rent or sell your information)Share