Three days ago, BG Capital Group, a venture capital and private equity firm out of south Florida, put its money up in a show of confidence for the silver mining activities of Liberty Silver (OTC: LBSV). Bobby Genovese, the CEO of BG Capital Group, felt confident that Liberty Silver’s recently discovered deposits in the United States have the potential to bring large amounts of silver to market. According to drilling data, the property located 23 miles from the famous Coeur Rochester silver mine in Nevada shows a potential lode of 120 million ounces. Considering forecasts of higher silver prices, BG Capital Group and Liberty Silver Corporation could see a tidy return if the scenario pans out.
Share prices reacted to the news like a prospector staring into a pan full of sand. Yesterday, the stock traded in a range no different than the previous two days from a lower boundary of $0.70 to a high print at $0.76. Volume, on the other hand, shined as over 323,000 shares exchanged hands on Thursday, compared to an average daily volume of 53,000. The stock opened the trading session just a penny below Wednesday’s closing price of $0.76. By the time the first 30 minutes of trading had expired, shares touched the low of the day at $0.70. The stock ended on the high of the day exactly where it ended Wednesday for no gain or loss.
Though showing little movement in price, the stock’s volume over the last few of days has been by the far the greatest amount seen since December. Traders will have to speculate what all this running in place means for future share prices.
The ride on the stock over the last year has been anything but dull. Over a two-month period from the beginning of November to the end of December, the stock gained over a 100% and hit an annual high price of $1.11. The 52-week low for Liberty Silver shares occurred almost a year ago when the stock traded for $0.47. The spring saw sellers dumping their shares as the stock declined by 50% to trade near the lower boundary.
Another item possibly weighing on the minds of traders is the company’s hostile takeover bid for Sennen Resources that was announced on July 16, 2012. At the end of July, the Sennen Resources Board of Directors urged its shareholders to reject the $0.28 per share bid. Liberty Silver announced last week that it had extended the offer until September 10, 2012.
The most recent stock promotion came on August 28, 2012, from OTC Stock Review who said the following: “Look at Liberty Silver (LBSV). Silver is moving higher and this stock is starting to get a following.” The promoter received $12,000 for performing investor relations work. A total of nine promotions can be viewed on Stockpromoters.com. The chatter on Twitter has been rather muted.
The company, formerly known as Lincoln Mining Corporation, acquires, explores and develops mining and mineral properties.
For consideration of being featured on WallstreetPR, contact: Editor@Wallstreetpr.com