This week the promoters are trying hard to convince the market that Force Energy Corp. (OTC:FORC) is the next big winner in the red-hot lithium industry. Their efforts resulted in two days of glory and as of yesterday FORC has almost returned back to its normal price level.
In the last trading session, FORC fell down already at market open and closed at $0.195 with a 7.14% loss in the value from the previous day. It looks like a large part of those who wanted to sell their shares for a profit had managed to do so in the first days of the promotions and yesterday the volume was lower than on Wednesday. Still, over 652,000 shares were traded in the session, or over 14 times the average.
The massive promotions for Force Energy stock started in the beginning of the week and brought the share price up to $0.24, one of the highest share price for the stock this year. On promoter’s promises about FORC share price multiplying in the next months and about lithium becoming the next oil, FORC got unseen recently trading activity as well, whereby the company did not even need to issue an update on its business. The latest promo e-mails arrived yesterday and the promoter got a compensation of $10,000.
Unfortunately, it is noticed that the promotional effects start to expire without any news. Another problem is that so far Force Energy has only acquired an option to purchase a mineral property named Zoro 1 and located in west-central Manitoba, Canada. As of end-February, the company did not have sufficient funds to do the required payments to keep that option.
According to FORC latest 10-Q, a NI 43-101 Technical Report on the Zoro 1 mineral claim is available. The given there historic reserve estimate for Lithium oxide (Li2O) has been calculated on limited drilling on a single dyke and the indicated reserves have been calculated with a total undiluted tonnage given as 1,727,550 at 0.945% Li2O. The planned exploration program would cost over $960,000 in the next twelve months.
