Sweetwater Resources (OTC: SWTR) tanked significantly, falling a dreadful 43.7% in today’s trading session and closed at a share price of $0.20. Volume of the stock fell just below its average for the day. With this result, Sweetwater has traded to its historical low, and its year-to-date loss totals 73.3%.
Sweetwater had another steep decline on June 20, 2012, falling from $0.80 to $0.35 per share, and has held steady for over a week. Today’s steep decline wasn’t something investors had been prepared for. This was definitely disappointing for anyone who had been expecting the stock to rebound.
The tank in Sweetwater’s stock raised some concerns as to whether investors have been receiving false stock alerts and promotions from stock promoting sites, which is similar to what happened with Rarus Technologies (RARS). According to @StockHollywood and @TMcNasty on Twitter, pennystockmafia.com has been sending out emails to promote Sweetwater as their daily stock picks. Several other stock promoting sites also sent out similar alerts to investors, according to many other tweets regarding Sweetwater.
There are four results listed on stockpromoters.com regarding to the promotion of Sweetwater, while the compensations were not listed.
To better understand Sweetwater’s less-than-respectable performance and its sudden tank, let’s look at the company’s recent headlines:
- June 28, 2012: Sweetwater Resources announced the launch of its new corporate website located at http://www.sweetwaterresourcesinc.com, which provides visitors with a comprehensive source of information on the company’s newly acquired diamond technology, the industry and its patents.
- June 18, 2012: Sweetwater Resources announced the closing of a non-brokered private placement of 1.2 million common shares at $0.50 per share for gross proceeds equaling $600,000.
- June 11, 2012: Sweetwater Resources announced that it has closed the definitive agreement to acquire 100% of the issued and outstanding shares of Innovative Sales. In the same press release, the company also announced that in conjunction with the closing, Mr. Alvin A. Snaper has been appointed CEO, President and Director of the company.
For anyone not familiar with Sweetwater Resources, it was incorporated on July 24, 2007. The company is engaged in acquiring, exploring and developing mineral properties. The company owns no other mineral property other than the Bhavnagar claim in India, and is not engaged in the exploration of any other mineral properties. As of March 31, 2010, the company did not generate any revenues. In June 2012, the company acquired Innovative Sales.
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