Historically, MineralRite Corporation (RITE) was exploring opportunities in the small and junior sized mining industry for the mineral processing, streaming, and sales of precious metals. Now in the Expert Market, RITE stock has been climbing on higher trading volume after the company shared its 2021 annual report. As the company becomes compliant with the OTC, RITE stock is one to watch in anticipation of a run once its becomes current.
RITE Stock News
Although the company is currently in the Expert Market, RITE has gained some investors’ attention after filing its late 2021 annual report with the OTC Markets. This report indicated that the company has no operations currently. However, the report also highlighted that RITE as of 2021, “to date is working on pursuing and recently completion of merger acquisition candidate negotiations while working to bring the Company current.” This has led some investors to speculate that RITE could be planning to announce its merger after becoming current with the OTC.
In the past, RITE operated in the mining industry and has been in a JV with MEK Mining since 2015 to mine gold ore in Ghana. The company had acquired 50% of this JV for $150 thousand with a 20% participation interest in the production and sale of the gold ore. However, operations for the project came to an end after the Government in Ghana shut down all forms of mining for two years. Operations are planned to restart this year once RITE has the funds required. In light of this, RITE could be positioned to continue its operations in Ghana’s mining industry after becoming current.
Despite these catalysts, investors are looking forward to RITE stock becoming Pink Limited or Pink Current in the coming weeks. Since listing on Expert Market back in September, RITE has been working to become Pink current. So far, RITE has successfully filed its 2021 financials, its Q1 2022 report, and verified its company profile with the OTC Markets. Some investors are watching for an attorney letter in anticipation of RITE stock running after becoming current.
RITE Stock Financials
Looking at RITE’s annual report, the company has $14.3 thousand in cash and cash equivalents. Based on this, RITE reported assets of $236.4 thousand – largely thanks to $150,572 worth of equipment. Meanwhile, RITE reported $127,500 in current liabilities. The company has a number of convertible notes dating from 2013 to 2021 but notes that there have been no conversions in recent years and most of the notes “have passed the statute of limitations for collection procedures.”
@AngryRed316 expects RITE stock to become Pink Limited soon.
@WZ_420 is watching for an attorney letter
In the last two days, RITE stock has jumped from $.0001 to $.0004. Because the stock has been defunct since September, there are no clear supports and resistances, however based on its past price action, the stock could have resistances at .0015, .0009, and a weak resistance at .005.
Volume has been picking up as those who can trade RITE take positions in preparation of it becoming current. On June 9th, RITE reached 4.5 million in volume and could continue to increase over the coming days.
As for its share structure, RITE has not updated its share structure since 2021. However, RITE’s quarterly report shows an AS of 20 billion, an OS of 4.3 billion, as well as a float of 4.3 billion.
RITE Stock Forecast
After the company filed its annual report and verified its profile with OTC Markets, investors are bullish RITE stock could become Pink Limited soon. While this is the company’s main catalyst, RITE is also pursuing a merger which could be coming to completion. This merger could help RITE restart its operations in Ghana and secure more deals to realize revenues. Considering the major runs that stocks have had in the past upon becoming pink current, RITE stock could be one to watch as it works with the OTC Market to become reporting.
If you have questions about RITE stock and where it could be heading next feel free to reach out to us in our free alerts room!