Dominovas Energy Corporation (OTCQB:DNRG) is finally gaining some traction with stock prices surging as high as 110 percent rendering it as the Number-1 Advancer on OTC Markets.
The renewed interest from Wall Street is a result of news announced by the company. DNRG announced that it is finalizing plans to deliver its long awaited RUBICON™ to the University of Johannesburg in Johannesburg, South Africa. Earlier in May, 2016 the company had delivered a working prototype and ever since the company engineers and strategists, along with the unyielding support of its strategic partners have been working diligently to deliver the much-RUBICON™ to the market place. Chief Executive Officer and Chairman Neal Allen met with Director, Manufacturing Research Centre, Department of Mechanical Engineering Science Professor Tien Chien Jen with the University of Johannesburg’s (http://www.tienchienjen.com) on the campus of the University to determine the actual site and deployment strategy for RUBICON™.
It all started back in June when the company announced its plan to restructure and consolidate the outstanding debt. As per the Jun 29th press release, DNRG was gearing up to activate a plan targeted to restructure and eliminate the Company’s approximately $700,000 in convertible debt. As the Company entered into an agreement with GHS Investments, LLC and it received an effective notice for its S-1 filing in January of this year for up to US $7.5M, its plan now were to utilize this vehicle for operating capital and to reduce its convertible debt. Some more details from the PR on November 12th, 2015 “The Company closed agreements with GHS Investments, LLC for the purchase of Dominovas Energy shares which would allow the Company to receive up to $7.5M. On January 11, 2016, the Company received its notice of effectiveness for the S-1 Registration Statement from the Securities and Exchange Commission that was filed late December of 2015. This plan represents a shift in the overall financing strategy of Dominovas Energy, moving away from the utilization of convertible debt as a sole source of financing”.
Then on July 21, DNRG released another press release with an open letter to share holders from Mr Allen highlighting that Dominovas Energy Corporation is a Private Partner member of President Obama’s Power Africa Initiative. That is indeed some big name dropping right there. It will be interesting to see if DNRG is able to hold today’s gains or just turns out to be a one day stunt. Stay tuned for more updates from our team on DNRG.