Southridge Enterprise Inc. (SRGE) Stock tumbles in Wednesday’s Session
Southridge Enterprise Inc. (OTC: SRGE) stock closed at $0.0044, down 21.43 percent from its previous close. SRGE recorded the volume of 76.32 million shares. Its average daily trading volume stands at 29.74 million shares. SRGE has market capitalization of $3.71 million. The company has 843.08 million shares outstanding in the market. SRGE stock has beta of -14.22.
SRGE recently reported its financial results for the fourth quarter of the year. The company announced its quarterly revenue at $3.14 million. SRGE also carried out record production during the quarter. It processed more than 9,000 tons of mineral. Michael Davies, CEO of SRGE said, “Today’s announcement of our record revenues clearly shows our undeniable success in making the Company’s goals a reality.” SRGE is also looking to restore its reporting status on Over the Counter Bulletin Board. The company has been given price target of $0.20 by Mathers Research.
SRGE is also planning to expand its production facilities in Cinco Minas Mill, located in Mexico. The facilities currently produce 60 tons per day and the company is planning to increase it to 500 tons a day. The company CEO said, “The goal moving forward is to bring the company’s shareholders added value by increasing revenues, using economies of scale to reduce costs and expand our mineral resources through exploration.” SRGE is planning to complete the expansion process by the end of 2013.
SRGE is involved in the business of acquiring, exploring and developing gold and silver mines. The company is mainly operational in Mexico and operates through its subsidiaries Southridge Minerals Inc. the company also has 100 percent stake in the Cinco Minas property. This property is spread over an area of 10,750 hectares and is located in the city of Guadalajara. SRGE also holds an option to acquire 40 percent interest in Esperanza property in Jalisco. The company is based out of Dallas, Texas.
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