Graphite Corp. (OTCMKTS:GRPH) – Another Pump Target
Graphite Corp. (OTCMKTS:GRPH) failed to meet the expectations it set up last Friday when it soared by more than 30%. Anyone hoping for another rapid movement up the chart was left disappointed as yesterday the ticker opened higher at $0.395 but by the end of the session it slid down to $0.38 – just 1.3% above the previous close.
That was enough of a sign for promoters to start flocking around the company. A score of lesser touters started sending emails after receiving compensations ranging from $1500 to $2500. The biggest fish in this pond however – the Equities Awareness Group, through their affiliates netted $35 thousand. Due to the lack of any up-to-date information regarding the company all of them had to resort to quoting old news articles back from February.
Back them GRPH released updates about the ongoing grid survey underway at its graphite-bearing properties on the Carr and Cahaba leases located in Clay County, Alabama. What the ultimate outcome of it has been is not confirmed which forced the emails to be filled with general statements about the industrial usage of graphene.
The only real piece of information we can rely on is GRPH‘s annual report for 2012. According to it they finished the year with:
- $184 thousand cash
- $190 thousand total assets
- $20 thousand total current liabilities
- no revenue since inception
- $718 thousand net loss
Well, back then the company has listed no mineral assets and if that hasn’t changed what are investors buying into? We hope that the next quarterly report will have the answer.
As of now the stock is down 26% in early trading with a substantial volume of shares traded although some new emails have arrived promising that the stock is going to explode. So if you are considering investing be sure to weigh in all the risks and determine if they are acceptable for you.
