{"id":929,"date":"2012-12-27T10:51:00","date_gmt":"2012-12-27T10:51:00","guid":{"rendered":"\/?p=929"},"modified":"2013-03-25T21:07:13","modified_gmt":"2013-03-25T21:07:13","slug":"southridge-enterprises-inc-pinksrge-lied-about-joint-venture","status":"publish","type":"post","link":"\/articles\/southridge-enterprises-inc-pinksrge-lied-about-joint-venture\/","title":{"rendered":"Southridge Enterprises Inc. (PINK:SRGE) Lied about Joint Venture"},"content":{"rendered":"

\"96SRGE_chart.png\"It’s no secret that trading on the OTC Markets is risky, and a lot of the promises made by companies on this tier are never realized, but flat-out lies are not such a common thing. Nevertheless it looks like that’s what Southridge Enterprises Inc. (PINK:SRGE<\/a>) has done. <\/p>\n

I’ve been covering SRGE<\/a> for a while, and the credibility of the claims the company makes is the most common issue. Recently, the company has been talking about a deal with a major NYSE-listed company, and yesterday it announced a joint venture (JV) with Kinross Gold Corporation (NYSE:KGC<\/a>).<\/p>\n

The news was gobbled up by the believers and SRGE<\/a> nearly doubled in price. The ecstasy wasn’t mean to last. KGC<\/a> denied having entered into a JV, and added the company wasn’t actively pursuing any such agreement at this time. SRGE<\/a> crashed and closed down 37.5%. The volume reached almost 420 million shares – nearly twice what the float is supposed to be.<\/p>\n

\"KGC.jpg\"So far today, SRGE<\/a> is trading higher than yesterday’s close, but it will be hard to recover from such a blow. That’s assuming the SEC won’t take any action on the matter.<\/p>\n

SRGE<\/a> hasn’t reacted so far. It will be interesting to see what explanation they will come up with. Some believe that the press release wasn’t issued by SRGE<\/a>, but that is highly unlikely, since it was covered by MobilePressWire who have supposedly been compensated $4 thousand by the company. I’ve been called names over my coverage of SRGE<\/a>, but yesterday’s fiasco makes it all worthwhile.<\/p>\n

\"\" <\/p>\n","protected":false},"excerpt":{"rendered":"

It’s no secret that trading on the OTC Markets is risky, and a lot of the promises made by companies on this tier are never realized, but flat-out lies are not such a common...<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[495,176],"class_list":["post-929","post","type-post","status-publish","format-standard","hentry","category-news","tag-kgc","tag-srge"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=929"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/929\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}