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Minerco Resources Inc (OTCMKTS:MINE) Plunges Below A Cent

Minerco Resources Inc (OTCMKTS:MINE) share price managed to close just above $0.003 on December 26, 2014. In less than a month, the stock price surged to $0.0121, led by numerous positive PRs that enhanced investors’ confidence in the company. However, in the absence of new PRs, the share price of Minerco has slumped below a cent. After correcting more than 5% in a week, they now sit at $0.00020.

The highlights

Minerco Resources Inc (OTCMKTS:MINE) is constantly taking new steps to expand its operations. In the recent development, it announced availability of VitaminFIZZ sparkling water line in 47 Kmart places in Southern California. Also, it added thirty NYC Gristedes Supermarkets’ locations at the end of January. The expansion plans didn’t end with the expansion of locations, as the company introduced its first advertising campaign for its unique product.

The other achievements

Minerco also announced that it had satisfied its obligations under existing mature Convertible Promissory Notes. The financial performance was adversely affected by a dilution caused by its funders. The number of outstanding shares increased from 1.8 billion to more than 3 billion in between January 31, 2014 and December 22. Also, Minerco Resources Inc (OTCMKTS:MINE) issued 318 million shares as a conversion of $124,428 worth of promissory notes between August 1, 2014 and October 25. In the last week of October 2014, another 35 million shares were issued as a conversion of notes worth $32 thousand.

The expansion in Las Vegas market

Minerco announced that VitaminFIZZ product line will be now available in several places throughout the Las Vegas market. The announcement will be enough to push the share price above 1 cent remains to be seen. In any case, the new positions in Minerco Resources Inc (OTCMKTS:MINE) should be taken only after due diligence. The expansion in new locations provides an opportunity to increase revenue in the coming quarters.

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