TAO Minerals Ltd. (PINK:TAON) is a gold exploration company which hasn’t had any significant success exploring, but likes to pay for promotions.
Yesterday TAON closed up 3.33% at $0.31 with approximately 29 thousand shares changing hands. This mediocre performance came after the company released an update on its mining development programs.
TAON may have provided a vague update on its plans, but so far it has failed to file its 10-Q for the quarter ended Oct. 31, 2011.[BANNER]
In December the stock went through a reverse 1 for 1000 split, and recently increased its authorized shares back to 1 billion. This would suggest there will be some more dilution coming, but with the limited information provided by TAON it may be hard to keep track of it.
Despite the lack of capital revealed by the company’s previous reports, TAON is quite willing to pay promoters to pump it’s stock of limited appeal.
The company directly paid Stock Appeal LLC $30 thousand for “increased public awareness.” It’s questionable if awareness is what TAON needs right now.
It should be noted that the previous promotional effort did result in two sessions of relatively high volume and increase in price, which went away immediately after the hype was gone. So there’s still a chance TAON could get some kind of a boost from this questionable decision.
