It seems Hondo Minerals Corporation (OTC:HMNC) topped out on May 17, at least for now. If the company decides to release an update, today HMNC could get some action.
Yesterday HMNC closed at $3.05 for a 6.27% gain on 92 thousand traded shares.
Two weeks ago, the company issued a press release announcing they were “… two weeks from production…” on the Tennessee Mine in Chloride, Arizona. The update sparked an impressive session for HMNC.
The expected start of operations should be one of these days, and this may have something to do with yesterday’s slight move up. If HMNC comes through and announces the commencement of operations, the price is likely to go up again.[BANNER]
A press release hasn’t been issued yet. Additionally, even if the company does provide the news some traders are waiting for, there is no guarantee of a positive market reaction and no clarity on the duration of a possible jump. A tangible result on the balance sheet would be a much more reliable base for a continued run.
In addition, HMNC announced the company had closed an oversubscribed private placement for proceeds in excess of $3.5 million. These funds were reportedly used for the purchase of equipment to be used at the aforementioned site. However, the details about how this placement has affected the share structure of HMNC haven’t been revealed.
There are definitely some traders who have HMNC on their radar. With the ongoing promotional campaigns, the number of investors aware of the company could be growing. It may be a good idea to keep an eye on this one.
