Southridge Enterprises Inc. (PINK:SRGE) which became known under the name of "the former puppet of a seasoned criminal" was promoted by a whole horde of promoters yesterday. As a result the volume reached 6 million shares which is the highest value in the company's history. At the same time, SRGE stock surged 4% to $0.0416.
Eight promoters sent out their trade alerts on SRGE in the middle of the trading session yesterday. The campaign was ordered by Open Water Investments for the amount $35 thousand. The data from the Hotstocked website indicates that this group of promoters has an average generated dollar volume for April of around $25 thousand.
Oddly enough, the intraday chart of Google Finance indicates that the major part of yesterday's volume was generated at the beginning of the session and the promo letters arrived after 13 p.m. Therefore, it is more plausible that the volume was produced by the news which was announced during the weekend.
On Saturday, SRGE declared its letter of intent to acquire 80% pf the Los Compadres gold and silver property. It was also claimed that the LOI would turn into a definitive agreement by May 15.
The last time the company was promoted was in December last year when the stock was trading above $0.1. Since then the stock has plummeted considerably and it is trading at half the value. Unfortunately, there is no guarantee that the same effect will not happen again after the new promotion.