Last Friday, Sagebrush Gold Ltd (OTC:SAGE) put and end to one of its darkest trading weeks ever. Although SAGE stock was traded on four of the week’s five working days, it practically failed to record a single positive market performance. As a result, SAGE completed all sessions at a loss.
The downward trend, which appears to be gathering pace quicker than the company’s supporters might have expected, actually started on Nov. 18, i.e shortly after the publication of SAGE’s most recent press release. The latter saw the light of day on the next working day, i.e Nov. 21, and served to inform investors that the company had finished phase 1 of the drilling program on its Nevada six-mile Red Rock property.
In spite of its extensive nature, the press release did nothing to excite investors, which ultimately resulted in a steady downfall. Last Friday, SAGE stock decreased for a fifth consecutive session. Wrapping up trade at $0.60 per share, SAGE lost 8% on a volume of 192 thousand. Thus, the company is slowly heading back to the six-month lows it registered last month.
SAGE filed its latest 10-Q report in mid-November. According to the document, the company’s balance sheet as of Sep. 30, 2011 showed:
- cash reserves of $1.4 million;
- net worth of approx. $9 million;
- quarterly net loss of $89 million.
Considering that the company recently brought its sports and entertainment business to a halt, it will have to come up with something profitable sooner rather than later in order to attract more fresh capital.
