But anyway the two stock promoters did a good job in preparing the market for the next grand operational announcement. Yesterday, SILA attempted to hit the $1 resistance from the middle of last month, but did not manage to jump higher than $0.94, which was also the closing price for the shares.
The second important promotional criterion was, however, satisfactorily met. The trading volume was about to exceed 2 million shares, more than twice the previous day’s volume and nearly three time the average for SILA. The attempts to create buying pressure through spreading out speculations about the company were obviously a good start.
No new promotional payments have been made, but the summarized actual compensations paid for the advertising of SILA to the many different stock promoters might have already reached the incredible amount that some traders mentioned on Monday. There were two new disclosures this week, one on Tuesday and one yesterday, but the two mentioned promoters have been working for a long time for SILA’s best investor relations and their compensations remain the “modest” $20,000 and $10,000.
SILA is registered as a mining company since 2007, but due to the lack of cash its business is still in the phase of acquiring options on certain mining claims. The company has changed its name three times since inception, reflecting the realignment of the focus from gold to silver and then once again to gold.
With the two latest financing initiatives, since the end of April this year SILA’s poor cash position should have been strengthened by around half a million dollars. Even under that condition, the share price should be somewhere between $0.006 and $0.020 according to the book value of the company (whose assets consist mostly of that above mentioned recently raised cash amount) and according to SILA’s peers.
Maybe it will soon be time to file with the SEC some official, and hopefully positive, exploration results for the currently three mineral properties on which SILA claims in its latest press releases to have already done some exploration work.
