CGFIA Announces A Merger
Building through acquisition is normal for many penny stocks and Colorado Goldfields (CGFIA.PK). Today, CGFIA issued a PR that announced a Memorandum of Understanding with American Sierra Gold to execute a merger between the two companies. This deal is the fourth acquisition that CGFIA has made.
CGFIA also engaged in a little fluff today. They highlighted the fact that there shareholder base has now grown to 15k. Now with gold flying for the last few years and CGFIA being in play from time to time, medals shouldn’t be handed out for an expanded shareholder base. However, in the past, many have been drawn into stories similar to this one.
Despite CGFIA being the most active penny stocks on the board today, buyers didn’t show conviction. Shares of CGFIA closed down 33.33% on volume of 742,962,882, and simply just traded the spread as many sub penny stocks do.
CGFIA Stock Very Active
Fundamentally speaking, lost 567.93k, and has only 11.03k in cash. CGFIA also has 935.42k in debt. However, as we have mentioned many times here at PSE before, penny stocks are news and event driven. Investors basically understand that they have to live with inferior financials etc. when they purchase low priced stocks.
There is also another area of concern regarding CGFIA, and it’s the stocks’ trading pattern. Despite a fairly active stream of news, shares have been in a mild downtrend for a while, and have not traded over a penny since 2009. So is CGFIA merely a liquidation penny stock ? Probably not. Although CGFIA ahould be added to your penny stock list, just take the increased message board activity and volume surges at face value.
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