Calissio Resources Group Inc (OTCMKTS:CRGP) Rears its Head Again
The first thing that people look for when they start their research on a penny stock company is probably the latest press release. The second thing is the most recent financial statement. Based on these two, you’re most likely convinced that Calissio Resources Group Inc (OTCMKTS:CRGP) is among the most solid enterprises on the OTC Markets at the moment.
On Friday, CRGP announced that they will be selling their San Pedro mine for a grand total of $14.6 million. The fact that someone is willing to pay such a huge amount of money goes to show that they really believe in the mine’s potential. CRGP, on the other hand, will have the cash to expand their work on their primary project, the La Jovita mine.
The news is definitely good and it’s underlined with some pretty decent financials as well. Here’s what they looked like at the end of March:
- cash: $6.7 million
- current assets: $9 million
- current liabilities: $909 thousand
- quarterly revenues: $5 million
- quarterly net income: $2.1 million
CRGP also announced on Friday that they want to get the stock listed on one of the national exchanges within the next nine months, and, at least when it comes to the operational results, they might just be able to meet the strict requirements. The catastrophic stock performance, however, could prove to be an obstacle.
Calissio Resrources was once called Amarium Technologies and its stock was traded under the AMMG symbol. It fell victim to a rather huge pump campaign performed by the infamous Mike Statler and his Stock Tips newsletter. Needless to say, the ticker crashed and it left plenty of investors bitterly disappointed.
The name and ticker symbol were changed at the end of last year and a 1-for-200 reverse split was also performed. This, however, wasn’t enough to shake the pumpers off. More than a few promotional campaigns dragged CRGP from a high of over $0.20 in Q1 all the way down to less than a fifth of a penny last week.
The ticker did jump on Friday when the company announced the sale of the San Pedro mine. 150% was gained and CRGP stopped at just over half a penny per share. A dollar volume of more than $250 thousand was also reached which goes to show that people genuinely think that the ticker can stabilize its performance.
They mustn’t forget, however, that they are pouring their hard-earned cash into a company that uses a virtual office as the address of its corporate headquarters. They should also bear in mind that during Q1, most of which was spent at more than $0.10 per share by CRGP, the company satisfied some debt by issuing 6 million shares at $0.001 apiece.
We don’t know how much of the said debt is outstanding at the moment, but we do know that, at least as far as Nevada’s Secretary of State is concerned, the number of authorized shares now sits at 975 million. It was apparently raised last week.
