Vega Biofuels, Inc. (PINK:VGPR) issued a press release on Friday which may have been the reason for the high volume. The stock has been promoted for today.
In addition to the volume increase, VGPR closed up 13.33% at $0.0102 after almost 8 million shares had changed hands.
One of the promoters touting VGPR disclosed an $8.5 thousand compensation for two days of marketing services. The other one stated they would be compensated up to $15 thousand.[BANNER]
The announcement on Friday concerned the completion of an interim funding package. The company revealed it had been working with a small group of existing shareholders to put together the package. The first draw on what will be Line of Credit should happen in April.
VGPR stated it would use the money to finance the building of a green-energy manufacturing plant in Cordele, Georgia.
The latest financial report showed VGPR had no cash at all. It seems, until the plant is built, the company will have to rely on the aforementioned Line of Credit to finance its operations.
Promotions could help today’s market performance of VGPR stock. Additionally, the press release suggested there would be more news soon. Even so, the long term future of VGPR is far from certain.
