Sierra Resource Group Inc (OTCMKTS:SIRG) Won’t Give up That Easily
What do we know about Sierra Resource Group Inc (OTCMKTS:SIRG)?
Not much, really. It’s been years since the company issued its latest press release and its website seems to be down at the moment. Even the financials can’t tell us much about SIRG‘s current state of affairs because the latest 10-Q is almost two years old.
What we do know for sure is that without informing its shareholders about it, SIRG sought bankruptcy protection at the beginning of the year and we also know that the case was dismissed in June. There was a bit of a delay, but the Q was removed from the ticker symbol a couple of months ago and that’s when investors started paying attention to the stock for the first time in a very long while.
At the end of June, SIRG registered a few interesting sessions and it exited the triple-zero levels. At one point, it even found itself at more than $0.002, but unfortunately, it quickly lost momentum and it slid back down.
It has made a rather impressive comeback, though. It was stirred up again a couple of weeks ago when it emerged back above the $0.001 mark, but on August 28, it really flew. The $0.002 and $0.003 barriers were quickly dealt with, and although it suffered a rather terrible correction last week, it managed a 20% bounce on Friday which means that it’s currently spending the Labor Day Weekend at $0.0018 per share.
So, people are still interested, but what is it that keeps them on their toes?
Well, some investors are saying that SIRG is about to start generating millions upon millions of dollars in revenues per month. According to various documents posted by discussion board users with different nicknames, there has been an agreement between SIRG and an Ecuador corporation called Orotecno which should be closed with a merger. In fact, according to the same documents, the deal was supposed to be completed before the end of June, but unfortunately, there is no official information on the actual status of the agreement.
And that’s the big problem, really. While the people with the interesting nicknames are saying that they have spoken to the management team and are assuring you that everything is going according to plan, some other people who aren’t afraid to use their real names have reported that SIRG can’t be reached for comment on the current hype surrounding the stock.
Which means that all that’s surrounding the stock at the moment is just that – hype. And we all know that this isn’t really enough to solidify the performance in the long run.
