Steele Resources Corp. (OTC:SELR) is being pumped by Penny Stock Shark and Stock Professors through a $20 thousand worth promotional campaign covered by Emerging Equity Advisors.Concurrently to the newsletter alerts, the company said they’ve entered into a letter of intent to acquire the mineral rights on two projects. The Filipinni and Plumas projects mentioned in the press release were mined respectively in early 1900s and 1980s. No information on the owner of these projects, America’s Gold Exploration Inc., is available as it appears to be a private entity.
No deal has been signed yet and the acquisition might not even happen in the future, so the only thing this press release is capable of is forcing the share price up for the day. Otherwise, the company holds arguable ability to make new acquisitions, and their targeted properties only look good while the gold price is flying high.[BANNER]
SELR has been active only since June 2010, when Steele Recording Corp acquired Steele Resources, Inc. A different management took over in June and July, the lease rights on Fairview Hunter Gold Exploration Project have been acquired in September and the LOI for the acquisition of nine more properties is still outstanding.
The company is yet to announce the post-management-change financial results, but some quarterly reports available from earlier depict a dim financial situation and a need for equity sales. On the good side, the company has considerably small debt.
