Vying to become current with the OTC, International Star, Inc (OTC: ILST) – a gold mining penny stock – has dropped 6 fillings in the last five days. The flurry of activity contributed to the stock’s almost 40% appreciation since August 10th when the first filing dropped. ILST is now looking quite promising after reaching a 52 week high of $.0112 on July 29th – signaling another potential run-up once the company becomes pink current.
Since June 3rd, ILST has been a custodianship play in progress. The state of Nevada granted Alpharidge Capital, LLC, owned by Frank Igwealor, custody of the company but only two weeks later Ambrose Egbuonu was appointed the company’s sole officer and director. A dynamic duo, Igwealor and Egbuono have worked together across numerous companies and it’s not surprising to find the CEO of Green Energy Enterprises, Inc. (OTC: GYOG) overseeing ILST’s turnaround. Since then, the company’s management has exerted their best effort to come into compliance with the OTC before its deadline.
According to the updated filings, the custodian was not able to access the company’s previous accounting records however the company’s previous management accumulated a deficit of $7,592,596 between 2004 and 2015 at which point the company stopped reporting. After gaining custodianship of ILST, Igwealor has since given Community Economic Development Capital, LLC. 50 Series A preferred shares as compensation for the $35,000 used for ILST’s reinstatement and payment to the TA. The company’s financials show that roughly $1.11 million in convertible notes are associated with ILST from its previous management.
Currently, International Star has plans to acquire an operating company via a reverse merger in Q3 of 2021, at which point it may no longer pursue gold mining. However, based on its June 30th quarterly report, the candidate and terms have yet to be determined. On July 23rd, ILST shared an exciting update via Opportunity Zones Capital, LLC, announcing that a merger has been finalized for $ILST and that they “should be announcing the full details very soon”. Only a few days later, it also shared that Caren D Currier has been nominated as Interim President & CEO in order “to shepherd and complete the merger process”. It is unclear what role Egbuono will have moving forward. But Caren Currier is widely known for her skill and success as a merger consultant.
Historically, ILST has been a gold mining company with claims in Arizona. Its primary focus has been bringing the Van Deemen gold mining project into production which was acquired in 2011 and is located in the El Dorado mining district of the Black Mountains. The Van Deemen project consists of five unpatented lode claims and totals approximately 100 acres. With a total past production in excess of 3 million ounces of gold, this area is the most prolific gold mining range in Arizona. The company also located 18 unpatented lode claims in the area surrounding the Van Deemen which have been staked and recorded with the appropriate officials. At this time, it is unclear if ILST will find a merger candidate in a field related to gold or mining, but considering the long lapse in operations it seems unlikely that the company will resume its work on the Van Deeman gold project.
The stock has been steadily accumulating and appreciating since May. With confirmation of an upcoming merger, the stock gapped up $.0024 on July 23rd and has regained ground with the release of filings. The company’s management shared on August 12th that it is expected to become Pink Current in one to two weeks – giving investors a rough timeline of when this stock might run. ILST currently has a market capitalization of 19,170,007 and 3 billion authorized shares. Only 1.93 billion shares are outstanding, giving the company an estimated float of 1.79 billion. At the moment, the volume is near 6.7 million while its average is closer to 76 million. While the stock is currently trading at $.0095, once ILST becomes current the merger candidate will likely be shared and the stock could surge past its current resistance of $.001. At which point, this gold mining penny stock may strike figurative gold.
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