Pacific Blue’s stock seem to have responded immediately, opening the market with enormous volume and a price far above its previous close. The total gain over the trading day was 6.67%, the number of shares traded exceeded 400,000 and the price closed at $1.12. Interestingly, yesterday’s promoter claims on its website to be an independent researcher, and not to be receiving any compensations in cash or in shares for covering the recommended stocks. It remains thus unexplained, where the suddenly revealed $1,000 compensation comes from or for what kind of services it has been paid.
If Pacific Blue’s relies on stock promoters of high quality, there were recently some improvements on its business as well. The announced in May private placement of 3 million shares of the company is now closed. An SEC filing from Friday said that the company has received additional $260,000 from an investor in exchange for 260,000 shares of common stock. The total proceeds from the offering are thus $2 million, for 2 million new and unregistered shares of common stock, which as it seems will not be immediately dilutive.
Pacific Blue appears now to be also working hard on its new business. End of last month the company entered into an agreement with Siliken Renewable Energy, Inc. for the jointly development of a solar energy project, for which so far only the name and the location have been officially defined: the “Sunshine Solar Farm” shall be developed on a 154 acres property in Coconino County, Arizona. The approval by Arizona Public Service is still pending.
With an improved cash position and given that the project comes true, Pacific Blue may do better in the renewable energy industry and eventually emerge from the “no revenues, no profits” phase. Until then, it seems that more cash will be needed, and more help from some stock promoters’ side.
