over 8 million shares on the market.Apparently, what has provoked the gain appears to be yesterday’s promotion of TOPZ that immediately pushed up the stock. About two weeks ago, TOPZ was promoted twice. The stock got also promoted throughout the whole October, which led to the same positive result.
Apart from the promotions, Topaz has been regularly releasing positive news about its business, which has additionally pumped up the stock price. The last one came up just yesterday, reporting that the company was in the process of consolidating approximately 750 net acres in the oil leg of the Barnett Shale in North Texas. Topaz was highly optimistic about the potential reserves of the property and the transaction was to be completed in December. However, no financial details were provided to the public.[BANNER]
Topaz Resources is an independent oil and gas company focusing on the acquisition and development of drilling opportunities within proven producing areas of Texas. According to stockpromoters.com, TOPZ has been frequently promoted over the past months and the promotions have regularly supported the stock.
The latest quarterly report of Topaz was filed on Nov 19 and it was not much different from the previous one. Since inception, the company has financed its activities mostly from loans and sale of equity securities, has incurred huge losses and accumulated deficit during its development stage. Topaz still has no revenues and its “ability to continue as a going concern is dependent upon the Company’s ability to begin operations and to achieve a level of profitability”.
Currently, the company’s Board of Directors has authorized 700 million shares of common stock and 10 million shares of preferred stock, to be issued in accordance with the terms and conditions as determined by the Board. The Preferred Stock ranks senior to the common stock as to dividends and liquidation. According to its 10-Q report, as of Sept 30 Topaz has no preferred stock issued or outstanding.
The management claims that their immediate priority is either to find additional funds for their business or to change it and “conclude a merger, acquisition or combination with a business prospect”.
