price to close at $0.0115 per share and its traded volume exceeded 37 million shares. Compared to its average volume of about 2 million shares, this appeared to be a phenomenal gain for MINE.Though, there is no reasonable explanation on the price jump, except the promotional newsletters published over the last couple of days. According to these, Minerco was placed among the most active stocks on the market, which could make them “the Biggest Green Energy Rebound Play of 2010”.
The company is planning to develop “Green Vision” energy solutions in Latin America and is negotiating huge projects with the Honduran Government. However, no further information has been released on that matter.
Historical data shows that in April and May this year, MINE used to trade much higher, when its price almost reached $1.00 per share. Though, after that the stock entered a downtrend.[BANNER]
Yesterday, MINE started to climb up at full speed again, however, it’s too early for a bullish trend to be expected.
According to its 10-Q report, the company has generated no revenues and it doesn’t expect to generate any in the foreseeable future. Since its inception, Minerco has incurred operational losses and has received “a going concern opinion by our auditors”.
Based on these results, MINE needs additional financing to complete its business activities and it is not clear if it can continue operating.
