Southridge Enterprises Inc. (PINK:SRGE) stays with a 150% premium to its share price from last Friday as the company continues posting new developments and getting support from various paid promoters.
Southridge announced that its subsidiary Southridge Minerals, Inc. has signed an agreement to acquire Cinco Minas and Gran Cabrera Gold properties in Mexico. The total purchase price for both properties will be $5.5 million.
Apparently in relation to the lack of available funds, the company also announced yesterday to have secured $5 million financing provided by Quixstone Investments, Inc. through the same wholly-owned subsidiary of SRGE. The funds come in the form of a convertible debenture with a 9.4% annual interest rate and must be repaid in 3 years.
The announcement of the funds raising didn’t have much effect on the stock price, but the costly promotional campaigns rolling out one after another might create an artificial price rally. As always, all the advertising costs were covered by third parties.[BANNER]
The payments done so far in attempt to boost SRGE stock performance:
• Longview Communications Corp. paid $30 thousand to Raven Consulting Corp.
• Longview Communications Corp. paid $45 thousand to WhisperfromWallStreet.com
• Medford Financial paid $20 thousand to Tritos, Inc.
• Longview Communications Corp. paid $15 thousand to Access Media Network Corp.
In total, $110 thousand were spent on promoting the stock of a gold exploration company that has just now acquired some properties with borrowed capital and has no recent financial track record. The stock is listed on OTCmarkets.com with a Caveat Emptor (Buyers Beware) notice. Furthermore, the business apparently carries a very dark trail related to the former management.