Orofino Gold Corp. (OTCMKTS:ORFG) Makes a Huge Jump
After some action in mid-2013 the stock of Orofino Gold Corp (OTCMKTS:ORFG) began to move down the charts and the volumes showed that the ticker had lost the investor interest that it had while the paid promotions were running.
The company recently announced that it will file for its name to be changed to Bakken Oil and Gas with the FINRA and other authorities in order to reflect an acquisition they are supposedly finalizing currently and which will increase their book and shareholder value.
This alongside the serious touting effort on investor forums provided for a massive jump of 189% and ORFG closed yesterday’s sesssion with a price of $0.011 per share on the highest volume in the stock’s history. We saw some heavy trading and 29.7 million shares changed their owners, generating $355 thousand in dollar volume
ORFG also announced that it has filed a report under the alternative reporting standard in the OTC markets with updated financials. The latest filing is covering the 6 month period ended November 30, 2013 and things don’t really look rosy.
- cash: $0
- total current assets: $5,796
- total assets: $65 thousand
- total current liabilities: $1.9 million
- revenues: $0
- net loss: $312 thousand
The total gain that ORFG has made since it started climbing the charts, both in price and volume, after the first session of 2014 is 816%, which is quite a lot for a company with such numbers in its financial reports and we might witness a serious correction pretty soon.
All in all, ORFG remains a risky stock and we advise you to do a lot of due diligence and weigh out the risks if you are having thoughts of betting on them.
It seems that the marijuana industry climb has already come to a halt as Cannabis Science Inc (OTCMKTS:CBIS) made another 13% drop in yeasterday’s session. Growlife Inc. (OTCBB:PHOT), Medical Marijuana Inc (OTCMKTS:MJNA) and GreenGro Technologies Inc (OTCMTKS:GRNH) are also following in CBIS‘s steps.
