Nevada Gold Corp (OTCBB:NVGC) Climbs Higher

Despite yesterday’s stunted market session the stock of Nevada Gold Corp (OTCBB:NVGC) once again found its place among the top traded stocks. Interest in the company was so strong that in the hour when trading resumed investors managed to shift more than 500 thousand shares, or nearly half of the volume from Wednesday’s full trading session. In price performance the stock finished 7% up closing at $0.262 although it reached a daily high of $0.275.

NVGC is an exploration stage company that wants to develop gold and silver properties
which guarantees them at least some interest from the market as mining companies are among the most active pennystocks. They are also the favorite targets of the various paid pumpers but at least for now the stock has only been mentioned by WinStockResearch, who feature a 4-page report on their website. The current uptrend of the ticker becomes even more mysterious if you take a look at the fundamentals of the company. For the period ending August 31 NVGC reported some rather dismal figures:

• $14 cash and total assets!!!
• $183 thousand total liabilities
• ZERO revenues
• $4090 net loss

For the 6 years since their inception in 2007 the company has managed to get exactly $7 in revenues. The red flags around them don’t stop there though. Back in 2008 NVGC sold 3.3 million of its common shares to 34 unnamed investors for a total of $66 000, or $0.02 per share. Now those same shares have become more than 24 million after the 8.5-for-1 forward split done last year which lowers their price to just $0.002, This means that some people stand to gain millions at the current prices.

In a PR article from from September 5 NVGC announced that they entered into an option agreement to acquire up to 75% in a mine located in Nevada. Well, we certainly have our doubts that they are going to exercise this option. According to the terms of deal NGVC will have to pay $5000 by September 30 with a minimum total work expenditure of $1.25 million by the fourth year. We will leave it up to you to figure out how the company is going to get their hands on these kinds of funds.

Yesterday the oil development company Bison Petroleum Corp. (OTCMKTS:BISN) barely avoided closing in the red. The stock is making a recovery after its horrendous crash at the start of the week and is currently trading at $1.38.