One way to stay abreast of the latest in the world of penny stocks is to follow the news closely. Like any other category of stocks, long-term success would depend on the right research. This feature would give you a quick look into some of the penny stocks that could be tracked at the moment and added to the watch lists.
Barton Gold Holdings Limited (OTC: BGDFF) On August 14, Barton Gold Holdings Limited made an announcement with regard to the fact that the seismic program at the Tarcoola Gold Project had been completed. The initiative had been headed by HiSeis, an industry leader.
The company revealed that more than 40 kilometers of geophones had been laid out, spanning five lines and encompassing a 13-kilometer zone. The initiative had been taken so as to prospect for repetition of the structures as well as high-grade gold that had been discovered at the Perseverance Mine. The company further noted that both light and heavy-duty equipment had been used for the purpose of generating a signal from the geophones.
The company noted that the signal would be analyzed to create a high-resolution image of the sub-surface structures in the priority target area that had been determined by the company. Alex Scanlon, the Managing Director of the company, noted that Tarcoola had a history of high-grade gold production that went back 130 years. However, there was not much historical work that could be used to identify the controls and sources of mineralization.
Global Hemp Group Inc. (OTC: GBHPF) This past Friday, Global Hemp Group Inc. announced that it was its intention to issue 4000000 common shares for the deemed price of $0.05 a share. That had in fact been the minimum permissible price as per the policies of the CSE to settle the consulting fees accrued by the company to Stephen Barnhill Jr., a current director at Global Hemp Group and former Chief Executive Officer.
The total value of the issued shares stood at $200,000. The issuance of the shares had been defined as a ‘related party transaction’ as per the definition in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.
The company also revealed that the debt settlement-related shares that had been issued would be subject to a hold period of four months and a day. The company went on to add that the shares had not been registered under the provisions of the United States Securities Act of 1933. It would not be registered under it in the future either.
LICT Corporation (OTC: LICT): On August 11, LICT Corporation announced that it had decided to change the distribution date for the issuance of 81% of the common stock of MachTen Inc., a company it had spun off. The previous distribution date was August 14, 2023, but it was changed to August 31, 2023. MachTen had been established by LICT as a holding company for its Michigan-based operations.
All shareholders of the company as of 5 p.m. New York City time on July 31, 2023, were eligible to receive 150 shares in the new holding company for each share of LICT that they held. It was also noted that the intended ex-dividend date for the distribution would be September 1, 2023. That is intended to ensure that any LICT share traded prior to September 1 would get the right to get the MachTen common stock.
Paragon Technologies Inc. (OTC: PGNT) Last week, Paragon Technologies Inc. urged Ocean Power Technologies Inc. to avoid any dilutive issuance of stock and also announced a cost-cutting plan immediately. Paragon Technologies holds a 4% stake in Ocean Power.
The company called on the board of Ocean Power to demonstrate that it was committed to protecting shareholder value. On August 2, the company issued a press release in which it called on the Ocean Power Board to answer certain key questions about the latter’s future viability in light of its 10-K Filing disclosure. In the filing, Ocean Power noted that it had enough cash to last until July 31, 2024, which worked out to less than a year.
Winland Holdings Corporation (OTC: WELX) Last week, the board of directors of Winland Holdings Corporation announced that it had reached an agreement with FRMO Corporation to acquire 50 units of the Bitmain Antiminer S10 XP141 TH/S crypto miner. Once working in unison, the miners would produce hashrate to the tune of 7.050 petahash per second.
The units would also provide an energy efficiency of 21.5% +/- 5% joules per terahash. To complete the transaction, the company issued FRMO 79270 shares of its common stock. The total value of the transaction stood at $165675. It also boosted FRMO’s ownership of Winland to 33.8% from 32.6%.