Watch Out For This Pump & Dump
GLRKF Todays Pump & Dump Alert November 19, 2014
Please read this important alert Penny Stock Scam in motion
If you don’t know how these schemes work, be sure to check out our free report that exposes the whole thing.
Here we go again
The emails have been coming fast and furious.
Breaking News a 500 million zinc and silver property.
Place your order now they say
Hold your horses, I say.
Its like the 5th email Ive seen on Glenmark Capital Corp (GLRKF) so I knew I had to take a closer look.
The first red flag is the ticker symbol GLRKF it means its trading over the counter…
So I went to the SEC website to find the company filings .
NONE to be had.
But I kept digging I uncovered their location Vancouver. So I pulled up SEDAR the Canadian equivalent to the SEC Edgar system.
There they are
The company has a set of interim financial filings for the six months ended June 30, 2014.
It was all in Canadian dollars of course but no matter, I can tell if the company is solid or not.
Heres what I found
On page 2
CASH – $99
Yep, less than $100 in cash on the books its not looking good.
Further down the page Shareholders Deficit (how much the companys lost) $13,727,527. $13.7 million bucks lost holy cow.
Page 3
Revenue? Hello Revenue None the entire section is missing it just goes right to expenses! Which were $60K by the way.
I should have stopped, but I kept digging
Note 1 to the financial statements says it perfectly .
At the date of the interim financial statements, the company has not identified a known body of commercial grade minerals on any of its properties.
So, its a mining company without a mine.
Yet the stocks jumping higher just look at the chart
Lots of volume and the price spiking over 100% in just a few weeks. It smells fishy.
So I dug into the Pump & Dump email telling me to buy the stock
In the disclaimer the company was paid $15,000 to promote the stock.
Clearly a paid promotion, and probably a Pump & Dump So what about that $500 million property theyre acquiring?
Well I went right to the company press release
They didnt actually Buy the property (remember they only had $99). What they did was enter into an agreement to EARN a 100% interest in the property.
My first observation the $500 million in deposits number is nowhere to be found in the press release so it was probably invented by our pump and dump friend.
My second observation is the earning provision here it is right from the press release:
Glenmark can earn a 100% interest by paying in stages CAD$375,000 and completing CAD$750,000 in exploration expenditures over 36 months. The 100% interest is subject to an underlying 2%NSR, payable to Doublestar Resources Ltd. with an additional 1/2 %NSR payable to GeoNovus, of which 1% can be purchased by Glenmark for CAD$1,000,000.
I dont know about you but who sells an asset (supposedly) worth $500 million for pennies on the dollar.
If you ask me, theres too much hot air in this one
My recommendation is to stay far away!
Profitably Yours,
Penny Stock Research
Category: Pump & Dump Alerts
