In first week of February, Diamante Minerals Inc (OTCBB:DIMN) made a 52-week low of $0.90 a share. Since then, the stock has been consistently performing on the OTC Marketplace. The red closings have been almost non-existent in the past two months.
The stock has remained an illiquid stock with some rise of interest recently. In last trading session, DIMN surged another 1.83% and it finished the day with a closing price of $2.23 per share on a share volume of 144,416.
It is evident that people are not too concerned about the relatively high price of Diamante stock and the rising volumes suggest that the interest of the people is growing. However, the problem is that it is not supported by strong reasons. The latest press release was issued four and a half month back. Also, there are no promotions or filings that can fetch the attention of investors.
So, if the people are jumping in right now, they are expecting that the Joint Venture deal the company announced back in November can result in some massive results. The company would require to pay minimum $1 million to become a part in the joint venture. The latest financial report reflect that Diamante do not have adequate cash to finalize the deal.
The latest financial report states that Diamante Minerals Inc (OTCBB:DIMN) had cash balance of $800,000 that is much less to complete the anticipated deal. The current assets are no more than $801,000 while the current liabilities stood at $132,000.
The company reported no revenue since inception and quarterly net loss stood at $193,000. So, it is evident that there are not enough resources available with the company to get the ball rolling. Moreover, the CEO Chad Ulansky has not been so successful with the firms that he has been associated with in the past.