and trading approximately 8 million shares on the market.Apparently, something is going on around IROG and it provokes investors’ attention.
Yesterday, Ironwood announced the positive results of its Mobile Metal Ion survey at Rock Creek Project, Nevada and updated traders about some of its other properties. Apart from the announcement, IROG decided to double ensure its stock by two promotions that also occurred yesterday. As a result, the traded volume of IROG jumped up significantly and the high trade began.[BANNER]
Ironwood Gold Corp. is a mineral exploration and development company building a portfolio of properties containing precious metals deposits in North America.
According to its latest filling with the SEC, on Sept 13 this year the beneficial owner of IROG acquired 4 million units of the company, each unit consisting of one common share and one share purchase warrant. A month later, the beneficial owner purchased additional 2 million units under the same terms.
During this month, Ironwood was promoted in some newsletters and published frequent updates on its projects, though the stock price was uncertain. Historical data shows that at the beginning of the year IROG has almost reached $1 per share, though presently its trading range is between $0.10 – $0.18.
According to its quarterly report, Ironwood has generated no revenues, has an operating loss and its stockholders’ equity has decreased. By end-May, the company had working capital deficiency of over $377 thousand, including $525 thousand payable for mineral properties. The management believes IROG has sufficient cash for the next 6 months, however, they expect to continue using debt and equity financing to fund operations, so the searching for additional financing continues.
