The market for penny stocks is massive, and every day millions of investors flock to the markets to discover the ones to follow. However, it is necessary to keep an eye on the news to know which ones to follow. The feature would provide you with a look into five penny stocks that have been in the news in recent times.
Legacy Education Alliance Inc. (OTC:LEAI) This past Friday, Legacy Education Alliance Inc. announced that its subsidiary, Legacy Live, had launched the first stage of a major new development initiative. The initiative is to build the necessary analytics and database infrastructure for monetizing its database.
The ultimate aim of the initiative would be to turn the company into a community platform, which would be the basis of the wide range of its education business interests. The database technology that would be implemented would also entail the migration to a data lake. That will help in the centralization of data from a range of sources including social media, customer interactions, and accounting among others.
The deployment of data lakes helps with scaling and adaptation to new forms of data. It also offers insights in real-time and therefore leads to better cost management and flexibility in marketing strategies. The Chief Executive Officer of Legacy Education Alliance spoke about the situation as well. He noted that the world was transforming digitally, and it was time for the company to become a digital economy business as well.
Ultra Lithium Inc. (OTC: ULTXF) On August 11, Ultra Lithium Inc. announced that it had been successful in closing a non-brokered private placement. The company revealed that it had issued 18181819 units for the price of C$0.055 each to raise gross proceeds of C$1000,000. Each unit was made up of one common share of the company and half of a common share purchase warrant.
Anyone in possession of a whole warrant would be entitled to pick up a common share in Ultra Lithium for the price of $0.11 in the first 12 months since the day of issuance and for $0.12 in the following 12 months following issuance.
The company noted that the proceeds from the private placement would be used for general working capital needs. It would pay C$30,000 in cash and issue 545,455 shares to a finder in the form of a finder’s fee. The private placement has yet to receive the requisite regulatory approvals, including one from the TSX Venture Exchange.
Element Nutritional Sciences Inc. (OTC:ELNSF): On August 8, Element Nutritional Sciences Inc. announced that it had received aggregate purchase orders to the tune of $1 million for its Rejuvenate Muscle Activator product. It also noted that it had already secured production of 8 million of the ready-to-drink beverage and was in the process of onboarding the first stage of production.
The official launch of the product had been set for the fourth quarter of 2023 by the company. The company announced that the orders were placed by four significant retailers in the North American market. The orders would also boost the distribution of Rejuvente stick packs, the company noted.
The boost in orders was attributed to the company’s consumer research and reformulation of the taste of the product. It was further noted that the point of distribution for the product had gone up by 18% and was on track to go up twofold by the end of this year.
Honey Badger Silver Inc. (OTC: HBEIF) This past Friday, Honey Badger Silver Inc. provided an update with regards to its potential 100% acquisition of the Cachinal De La Sierra Silver-Gold Project from the firm Aftermath Silver Ltd. On February 15, 2023, the company made an announcement about the execution by the two parties of a definitive agreement with regard to the potential transaction.
In the latest news release, Honey Badger Silver noted that it was a fundamental transaction as per the definition of the term laid out by the TSX Venture Exchange. The transaction could only be completed once a slew of conditions are met, and that would include approval from the TSX Venture Exchange as well.
Bluesky Digital Assets Corp. (OTC: BTCWF): Bluesky Digital Assets Corp. announced last Friday that it had entered into and executed a number of debt settlement agreements. The company revealed that it issued a total of 59,325,500 shares of its common stock to settle aggregate debts of C$296,625 worth of secured debt.
The company noted in the news release that the debt settlement would enable it to preserve its cash for working capital purposes. It would also help in furthering its artificial intelligence projects. Following the completion of the debt settlement agreements, Bluesky Digital Assets was left with a minuscule amount of debt on its books.