Maybe to get as much attention as possible before launching the next PR, on Friday five different stock promoters recommended SUGO stock to their clients. As a result, the share price made another jump up. SUGO closed the session at $0.118, 68.57% higher than the day before, and got above the average trading volume of 3.43 million shares. The promoters disclose no compensation for their service.
As SUGO share price got pushed up from the 52-week bottom and as the company announced some important news on Friday afternoon, today’s session might also become an interesting one. The latest PR of Sungro Minerals says that the company has received bridge funding to complete the long expected NI-43101 and to pay the payments required for the maintenance of the claims.
Most probably the announcement concerns the acquired last year claims in Inyo Mountain County, California known as the Conglomerate Mesa, since it is the only mining asset of Sungro Minerals. No SEC filing has so far confirmed the reception of funds, the exact amount has also not been given and the potential reserves on that property are also still a mystery. The only thing confirmed in the latest financial report of the company is that a preliminary geological report has indicated in July this year “a significant value to the mineralization’s found on the property”.
As of end-August 2010, Sungro had total assets of $2,803,012, from which $12 were in cash and $2,802,000 constitute the costs of acquiring the Conglomerate Mesa. $2.6 million of that amount were paid by the company through the issuance of common stock valued at $1 per share.
