Laredo Resources Corp. (OTCBB:LRDR) With a $75 Thousand Pump
The promotional campaign for Laredo Resources Corp. (OTCBB:LRDR) that started on April 28 as a free pump is now being extended by a number of new promoters who disclosed compensations reaching up to $75 thousand. Despite the pumps LRDR logged a single trade in the amount of 1300 shares yesterday.
Even though the company posted another press release at the market’s open on Wednesday, the stock barely traded, with a single trade worth $468 that still shifted the price 4% up. LRDR is an exploration stage company that was founded in 2010 and has not managed to generate revenue yet.
The company’s most current filing is a 10-Q for the quarter ended February 2012 and it contains the following figures:
- $763 in cash, comprising total assets
- $106 thousand in liabilities
- ZERO revenues since inception
- $39 thousand quarterly net loss
If we really want to find something positive about those numbers, it may be that the company is at least not generating loss at an alarming rate. LRDR has also issued a number of promissory notes to its president for varying sums of money. The terms under which the notes are convertible into shares are not listed in the filing.
Yesterday’s round of touts for LRDR was led by pumper Research Driven Investor (RDI), who disclosed $75 thousand in expected compensation for a one-day tout. Conveniently coinciding with the pump, the company announced a financing agreement with an unnamed private banking firm, referred to as “The Fund”. This “Fund” is allegedly active in the mining sector and will act as agent in an effort to conduct a $2.5 million private placement for LRDR‘s ‘pending acquisition’ of Pony Mountain Gold. The release states that more details will be made available when the stock price in the transaction in question is ‘established’.
RDI drew a parallel between the promo for LRDR and its previous pump for Goff Corp. (OTCBB:GOFF), as though GOFF is something to be proud of. The chart on the right shows how well GOFF fared. RDI has come up with other promotions that ended in massive loss for investors. One example is a pump RDI ran on Resource Ventures Inc. (OTCMKTS:REVI) in late April, promising a bounce that never came.
