The Graystone Company, Inc. (OTC:GYST) may have its market performance affected by a paid pump for the second time in the last 14 days.
On Friday, GYST closed flat at $0.22. The volume was just 26 thousand shares, close to the average for GYST.
Promoters disclose a compensation of $30 thousand for touting GYST. One of the points put forward by the promoters is that “Gold stocks continue to be a solid investment any way you cut the pie.”[BANNER]
That is true, however, GYST is a gold stock of a company which hasn’t started mining gold, and has no proven reserves on any of its claims in Peru.
The company is relatively young, which can explain the losses and the financial difficulties. On the website of the company it is stated that “the company will not need to undertake capital raises dilutive to Graystone’s shareholders.”
That would be great, but for the period from Sept. 30, 2011 to Nov. 3, 2011 the number of outstanding shares had gone from approximately 101.5 million to 186 million.
It will be interesting to see what this promotion can do for the stock so soon after the previous one.
