Yesterday’s close at $0.68 is well within the range of recent highs. Even though the volume of 211 thousand is not too impressive, the 4.62% rise in price could be a sign that the 10-K has given traders some confidence in MNAP’s value.
The company hasn’t started generating revenues yet, but it’s not expected of it since it is an exploration-stage company. Unlike a lot of other companies in this stage, MNAP has a positive working capital and reports approximately $1.7 in cash. The “going concern” paragraph also contains statements rarely seen with OTC exploration stage entities: “…we do not expect that we will need additional funding from … before February 2012.”
At the same time, however, the 10-K reveals some further details about the public offering announced in early February. As it turns out, the purpose of the offering is to raise between $20 million and $30 million at a price per share determined by the context of the market, which at the current price would mean approximately 36.7 million shares.[BANNER]
Traders might also take a look at the numerous forms 4 filed with the SEC. According to those, between Jan. 10 and Mar. 4 Heinz Scholz, Chairman of the Board and 10% owner, has disposed of 577400 MNAP shares. In case you are wondering what that means, this is investopedia’s definition.
Today’s session is off to a slow start for MNAP, but the price is keeping its level from yesterday. Some more details and current developments might be needed for a significant move.
