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Monday's Watchlist: MINE- TIME TO BOUNCE?
MINE (Minerco Resources Inc) .0020 Cents- The stock has fallen heavily from its yearly high of .0080 cents and recently tumbled to an all time 52 week low of .0014 cents. Last week the stock saw a surge in volume as investors regained confidence in the company as the price hit .0040 cents before retracing once again. Looking at the charts it appears fridays strong pullback was a temporary result due to impatient sellers as well as the usual friday selloff. We believe MINE is setting up for its next run with an expected target price of .0090 or higher for the near term. An interesting fact with the CEO owning 1/3rd of the company's shares adds more valuation for the company. With the current Global water crisis which is expected to worsen, we believe the company is well positioned to offer the world's population an effective means of clean water resources. At the same time this will allow to the company to become even more profitable and thus increase shareholder value.
MINE Security Details
Market Value1 $703,684 a/o Sep 02, 2011
Shares Outstanding 439,802,202 a/o Jun 14, 2011
Float 155,752,202 a/o Feb 14, 2011
Authorized Shares 1,200,000,000 a/o Feb 14, 2011
Minerco Resources, Inc. is a development-stage company. The Company is a progress developer, producer and provider of clean, renewable energy solutions in Latin America. The Company participates in and invests in development projects with other companies in clean, renewable energy projects. On May 27, 2010, the Company acquired 100% of the six mega-watt per hour (MWh) Chiligatoro Hydro-Electric Project (Chiligatoro) in Intibuca, Honduras, California.The Project is classified as a run-of-the-river project and is in the feasibility stage of development. The Company was previously engaged in the acquisition of interests and leases in oil and natural gas properties.
The company recently submitted a Form 4 stating that CEO and CFO own shares CEO Now Owns 178mil shares common stock.CFO Now owns 107mil shares common stock:
Previous news can be seen below:
Minerco Resources, Inc. Receives Water Contract From Honduran Government for the Chiligatoro Hydro-Electric Project
Minerco Resources, Inc NEW Common Stock (OTCBB:MINE)
Minerco Resources, Inc. (OTCBB: MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America, announced today the company has received the Water Contract from the Honduran Government for its Chiligatoro Hydro-Electric Project.
The Chiligatoro Project's Water Contract, approved and granted by Secretaria de Recursos Naturales y Ambiente ("SERNA"), Honduras's Natural Resources and Environmental Ministry, assigns the rights to exclusively exploit the National water rights of the Chiligatoro and Grande de Manazapa Rivers by the Chiligatoro Project. The Water Contract is attached to the 30 Year Operations contract and is renewable with the Operations Contract. The Water Contract, in conjunction with the Operations Contract, allows the Chiligatoro Project to be formally submitted to Empresa Nacional de Energia Electrical (ENEE) for Power Purchase Agreement (PPA) and National Congress for Final Approval and National Registration.
As previously released, the Intibuca Municipal Environmental Unit and the local communities and municipalities have formally approved the Chiligatoro Project. The Environmental Impact Study has been submitted and is pending approval from SERNA, Honduras's Natural Resources and Environmental Ministry. The Honduran National Commission of Energy has approved and SERNA has signed the 30 Year Operations Contract for the Chiligatoro Project.
For a step by step look at the approval process in Honduras, visit our website at:
"SERNA's approval and execution of Chiligatoro's Water Contract is another milestone in the approval process for our Chiligatoro Project. We are very confident in the Project's future and look forward to working closely with the Honduran Government in completing the remainder of the approval process for our Chiligatoro Project," said V. Scott Vanis, President and CEO of Minerco.
Link to financials: http://www.sec.gov/cgi-bin/browse-edgar?company=minerco&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany