With September coming to a close, investors in Bonanza Goldfield Corp. (BONZ) are making their offerings to the penny stock gods that the riches continue in October. Even though the latest financials are from March 31st and the fiscal year ended June 30 filings are a much anticipated read for all those interested, BONZ stock has torn through September with Thursday being its ninth consecutive green trading session. A few smart investors that traded or bought and held for under a penny are striking it rich with this new found momentum with gains of over 1,000%.
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BONZ Stock Chart
Market Cap: 15.22M
Close: 0.046, up 0.0062 (15.58%)
Dollar Volume: $220,637
Average Trade Size: 26,702
Issued and Outstanding: 330,862,680
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Bonanza Goldfields’ is working a project called the Tarantula Project, a contiguous block of 38 lode claims covering 600 acres in the Date Creek Mountains, Arizona. In August, their last update, the Company announced higher than average gold concentration and the presence of four rare earth metals from tests. Since then, BONZ stock price has risen 175%.
There has been no actual gold or rare earth metals that have been sold and booked for revenues as of their March 31 filing. Now three months past their fiscal year end of June 30, the real meat and potatoes as to whether the recent consecutive winning streak and new found gains can sustain themselves.
According to the March 31 filings, they no longer have a note payable due to Asher Enterprises, Inc. who seemingly has a bottomless loan department when it comes to finding convertible notes for stock deals. However, too bad you didn’t have the equipment Bonanza needed since, on September 23, 2011, 750,000 shares of BONZ stock, valued at $3,023, was issued to purchase equipment. That’s 0.004 per share for those of you without a calculator accessible.
During the first nine months of Bonanza Goldfield’s fiscal year, they issued 42,571,429 shares of BONZ stock for $359,000 in cash. One of the cash deals was for 7 million shares to an investor who was issued the right to sell the shares back to the Company at an interest rate of 12% after April 11, 2012. Deciding to roll the dice, the anonymous investor waived the right to sell the 7 million shares back and was issued, as consideration, warrants to purchase 2.5 million shares at 0.02 per share. Those warrants expire on October 11, 2012.
Bonanza Goldfield may not have struck gold, but investors prior to September 1st sure have.
About BONZ Stock
Bonanza Goldfields Corp. is in the process of acquiring mineral properties or claims located in Arizona.
Bottom Line: Gold and mining penny stocks often get hot and BONZ is proof of that. Friday is likely to have a NT 10-K filing by Bonanza which should allow the prospectors to see another green closing day for BONZ stock. When the 10-K is filed, you can be sure that a pull back in the stock price will be imminent so watch out for the Tarantula.
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