Managers of Greenlight Resources Inc. (CVE:GR), (PINK:PRZCF) are certainly far from overjoyed by the recent performance of the company’s shares on the markets. Perhaps, for this reason they decided to give a boost to the stock with promotional alerts.
GR touched the bottom in the beginning of this week when a 52-week low of $0.110 was noted. The decline was confirmed by a large for the corporation turnover of 184 thousand shares, which beats the daily average volume several times.
Greenlight’s reaction was really swift. On the next day, the company was advertised by two promoters – AllPennyStocks and Small Cap Voice. They describe the projects of the corporation as highly-prospective, with “incredible potential”. Brazil Lake Lithium and Rare Metal property is even classified as “a true gem”.
We shall see whether these promotional efforts will make the stock jump in the days to come. However, even if this happens, the positive effect will be, most likely, short-term as is the case with many promotions.
Otherwise, the company’s financials do not seem solid as a rock either. What they reveal is that in the end of May Greenlight had only $317K in cash, compared with $1.1M in the end of February. The corporation recorded a net loss of $154K for the quarter ended May 31, 2011.
Of course, these figures do not look so pessimistic, and are no reason for panic. Besides, only a month ago Greenlight acquired a new project – the Keymet Silver Property, located in New Brunswick. So, it seems the company is expanding. It implies that perhaps better times for Greenlight are ahead to come.
Moreover, this is not the only recent acquisition of the company. Just a few days ago, investors were informed that Greenlight got hold of the Tomahawk Manganese project, situated also in New Brunswick.
