On Friday, Searchlight Minerals Corp. (OTC:SRCH) bounced up although there were no news or other catalysts.
One could suspect the MACD could have had something to do with the move. SRCH closed up 18.03% at $0.72 on nearly 841 thousand shares.
The stock of SRCH has been mostly losing value over the past two months. The company doesn’t seem to be particularly interested in shareholder communications – there have been very few press releases. This, of course, could just as well mean SRCH is focused on its business.[BANNER]
The quarterly report for Q3 of 2011 was filed on Nov. 14. It wasn’t anything too exciting. The company still had a significant amount of cash on hand, but since it hasn’t begun operating, there is still no revenue.
The going concern paragraph suggests SRCH will need additional financing which will come through debt or equity, either of which would hurt shareholders.
Having this in mind, and the fact that SRCH didn’t manage to close at the HOD, it is uncertain how SRCH will perform today.
