Promoted Again, Grid Petroleum Corp. (OTC:GRPR) Tanks
01 Oct 2010

Grid Petroleum Corp. (OTC:GRPR) current promoters do not prove for now as successful as their forerunners. Yesterday, GRPR’s stock washed away almost all of the gains from the previous day and signals no intentions for another rise.

The total loss on yesterday’s paid promotion was 9.30% and it happened on nearly half a million shares traded. GRPR closed at $0.39, still making an incredible market cap of $25.5 million for a company with no running business and assets worth $259,000. The $140,000 book value of the shares is even less than all the money spent on the promotions this year.

As directly recognized on the chart, the pumping efforts for GRPR started at the end of April, and were probably painful for some naïve traders who were unlucky enough to by the stock on the top of the promotion. Some further attempts in the middle of August did not work anymore, and yesterday was also a bad day for the stock promoting websites. The August promoters activated again and received this time $94,810 in cash to send e-mails to traders.

Counting all the promotional disclosures for all of the promoters involved, the total amount spent on GRPR’s stock marketing campaign could exceed $1 million. The stock did not appreciate for long, the company still has nothing else to offer than some optional business related to some still unexplored mining property in the Jonah Field region, but a considerable change will be noted on GRPR balance sheet for the next quarter.

Again at the end of April, GRPR entered into an investment agreement to issue and sell shares and warrants for up to $5 million. Over the last two weeks, two SEC filing of the company appeared related to its latest $162,000 cash position. Under the April’s agreement, GRPR have collected $400,000 from the investor in exchange for 533,334 newly issued common shares and warrants to purchase the same amount in the future at a price of $1.125 per share.

1 Comment
1 Comments
  1. I BOUGHT GRPR @1.06 ON A BUY RECCOMMENDATION SENT TO MKE BY THE _’NATURAL CONTRARIAN’ I SHOULD HAVE KNOWN BETTER THAN TO BE FOOLED BY A PUMP AND DUMP. I FEEL LIKE THE NATURAL CONTRARIAN HELPED ME TO PICK MY OWN POCKET

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