Minerco Resources Inc (OTCMKTS:MINE) posted decline of 9.35% in the last trading session. It dropped $0.00058 to close the trading session at $0.00562. The stock posted strong gains on Tuesday’s trading session but can’t continue with its strong momentum on next day. The stock price has already declined more than 13% earlier in the week. It is trading on a low note from past one week.
As per the last reported news, Minerco disclosed that its wholly owned subsidiary firm increased its holdings in Avanzar Sales and Distribution, LLC. Th subsidiary company purchased additional 21% holdings and with it, the total stake has increased to 51%. The CEO Scott Vanis expressed that the hiking the holdings in Avanzar Sales and Distribution is a major part of the strategic plans. The main goal of the company is to create additional investor value by making increased investments in cash flowing assets.
The last news received a dull response from the shareholders. In fact it received a negative reaction. The reason is clear. To complete the deal, Minerco opted for structured payment amounting to $400,000 in 2015. The term mentioned in the deal is going to increase the total liabilities for FY2015. This is the reason that stopped the shareholders from getting over-excited about the news. Minerco Resources Inc (OTCMKTS:MINE) have to take several measures to get attention of people.
The other highlights
All the latest announcements of Minerco Resources failed to boost confidence in shareholders. The investors were clearly disappointed with 2Q results. The company intends to list on a known exchange. The CEO addressed the shareholders and confirmed that Minerco achieved strong growth figures in last quarter. The total revenue came at $740,000 in 2Q compared to $502,000 in 1Q2015. The comparison of revenue suggests a massive increase of 47% quarter on quarter.