Last Thursday, the shares of Solo International, Inc. (OTC:SLIO) failed to build on their previous surge even though the mining company focused on exploring for rare earth metals and minerals reduced its O/S by 26%. As a result, there is a brand-new paid promo for SLIO evaluated at $100 thousand.
SLIO closed the last pre-weekend session at $0.081, down 1.22% from its Wednesday close when the stock took investors by surprise as it shot up 17.14%. Shifting a total of 440 thousand shares throughout the day, SLIO enjoyed relatively intense trade marking a significant improvement over the 128-thousand average daily turnover.
What SLIO did on the following day did not seem to resonate with what market players had expected, either. The latest 8-K form served to inform investors about the cancellation of 100 million shares of common stock held by the principal and controlling shareholder. As a result, SLIO’s total O/S effective from Apr. 2 has now been reduced to 288 million, which is expected to provide benefits to both the company and its stockholders.
Established in 2010, Solo International, Inc. is primarily focused on exploring mining properties for rare earth metals and minerals. At present, its mineral claims cover a total of 120 hectares of mining sites located in Quebec, Canada.
Although SLIO closed the first three quarters of 2011 with no cash reserves whatsoever, it reported $60 thousand of cash (and total assets) accumulated in Q4. However, the company also incurred $184K in liabilities during the same reporting period. A quarterly net loss of $180 thousand completes the picture.
Most exploration stage companies tend to hang in the balance in terms of financial health and SLIO is hardly an exception. While the Q4 data are indicative of increased business activity, there are no firm signals that the company’s undertakings will definitely meet with success.
