Lithium Exploration Group Inc.'s (OTCQB: LEXG) experienced low stock volume Oct. 10, with just 1.6 million shares changing hands, about one-tenth its 30-day average volume of 15.4 million shares.
The slowdown comes just two days after the Phoenix-based precious-metal exploration company's CEO Alex Walsh gave shareholders what amounted to a pep talk via a so-called Oct. 8, newsletter.
While the newsletter was super positive, shareholders are still reeling from losing most of their share value since Aug. 6. At that time, LEXG shares were selling for about 4 cents a share; now they're lingering at just under a penny.
Spinning Positive
In the release, Walsh promised that in the quarter ending June 30, 2014 shareholders "will see the first meaningful revenue that we have generated as a company since our inception."
He also added that over the past month, Lithium Exploration has retired almost half of the debt that it took on in March to complete the Tero Oilfield investment. Moreover, Walsh said the company had raised addition capital to take on a larger stake in the company beginning January 2015. In the so-called newsletter, however, Walsh did not disclose the specific amount of new capital raised.
Financials Not Impressive
In addition to LEXG's share value falling, Lithium's financials released for the first quarter may have played a part into negating some of Walsh's positive comments and optimistic outlook in some shareholders' minds.
Here is a summary:
- Cash on hand: $731 thousand
- Current assets: $803,000
- Total assets: $1.71 million
- Current liabilities: $4.37 million
- Quarterly revenue: $17,882
- Quarterly net loss: $4.76 million
- On Oct. 10, the share price of LEXG closed at 0.0068 cents, up 0.001, or 17.24%, from its previous day's close of 0.0058 cents.
Find out what could be the best investor's move when it comes to LEXG by getting the complete report here or by cutting and pasting the following link in your Web browser:
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Lightstream Resources Ltd.'s Share Value Falls despite Positive News
Canadian-based light oil exploration company Lightstream Resources Ltd.'s (OTCPink: LSTMF) share value continued to surge Oct. 10, with 212,069 shares changing hands, nearly twice its 30-day average volume of 132,647 shares.
However, its share value fell.
The uptick in volume is being fueled by the company's recent announcement of its agreement with Crescent Point Energy Ltd. to sell the remaining assets in Lightstream's southeast Saskatchewan Conventional business unit for gross proceeds of $378.4 million.
Proceeds include cash consideration of $375 million and three key parcels of Bakken rights valued at $3.4 million that will enable us to accelerate the expansion our Creelman enhanced oil recovery project.
According to Lightstream, further positive attributes of this transaction include:
- The elimination of $38.5 million of future abandonment and reclamation liabilities on our balance sheet to reflect the disposition of approximately 450 net wells and associated facilities
- A reduction in our capital expenditure guidance for 2014 by $15 million;
- The elimination of future regulatory compliance costs associated with sour gas venting at these properties.
Consistent with other divestment activity in 2014, the company said it applied cash proceeds to reduce corporate debt which, pro forma June 30, 2014, and following the transactions to date, is approximately $1.5 billion. The amount drawn on its secured term credit facility is now approximately $500 million, leaving $650 million of available liquidity under the facility.
On Oct. 10, LSTMF's share price closed at $3.72, down 9 cents, or 2.36%, from its close of $3.81 the previous day.
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GEI Global Energy Corp.'s Stock Volume Continues to Soar
GEI Global Energy Corp.'s (OTCPink: GEIG) stock volume also continued to soar Oct. 10, with 70 million shares changing hands, nearly twice its 30-day average volume of 35.9 million shares.
The amazing volume being generated by the small, Flint Mich.-based fuel cell company is partly a reaction to a plethora of press releases begin distributed by the company. However, they contain very little substance and a lot of hype and forward-looking statements.
GEIG's share value closed at 0.001 cents, up 0.0001cents, or 11.11%, from its closing price of .0009 cents the previous day.
Find out what could be the best investor's move when it comes to GEIG by getting the complete report here or by cutting and pasting the following link in your Web browser:
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