Historically, MineralRite Corporation (OTC: RITE) was exploring opportunities in the small and junior sized mining industry for the mineral processing, streaming, and sales of precious metals. Now Pink Current, RITE has been climbing investors’ watchlists since sharing its intention to operate in the lucrative oil industry. With the company preparing to share updates regarding a partnership and an acquisition, RITE stock could be one of the stocks to watch this year as it could soar to new highs.
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.
*Updated August 11th, 2022
With the company finally gaining Pink Current status back in July, RITE stock grabbed investors’ attention after the company shared an update regarding its operations. According to its corporate update, RITE intends to build itself as a diversified holding company by aggressively pursuing business opportunities which are currently in negotiations. Through this business model, RITE plans to focus on the mineral and commodity industries which are highly demanded in the meantime. In this way, RITE could be well-positioned to realize substantial revenues once deals are struck.
To facilitate these plans, RITE intends to enter into agreements to raise the required financing, equipment, and processing solutions to start its operations. With this in mind, RITE expects to achieve financial growth by increasing its offerings to small and mid-size companies demanding such services. Given that the company shared that it expects to enhance its business model in 2022, many investors are bullish a merger or an acquisition could be imminent – making RITE stock one of the stocks to watch this year.
*Updated November 15th, 2022
As the company is looking to become operating, RITE shared an exciting announcement with its shareholders as it completed a partnership with a major oil company. At the same time, RITE is in talks to complete a major downstream acquisition that would mark the company’s venture into the lucrative oil industry. Considering the potential profitability of this business venture, RITE stock is one of the stocks to watch closely this year in anticipation of the closing of this deal.
To facilitate this business venture, RITE engaged MIS Consulting, Inc. and James Burgauer to oversee its business plan. Moreover, RITE appointed 4 additional experts to help execute its plan. Considering the experience of these experts in the oil and gas industry, RITE could be poised to secure a profitable acquisition in this sector. In light of this, RITE stock could be one of the stocks to watch this month as it could soar on any news regarding the partnership and acquisition.
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.”
According to its Q2 financials, RITE’s assets declined compared to Q1 from $215.3 thousand to $197 thousand. Meanwhile, cash on hand increased over the same period to $16.3 thousand from $13.9 thousand. RITE’s liabilities also increased from $362.8 thousand in Q1 to $369.4 thousand. As for its costs, RITE reported $22 thousand as an operating loss compared to $66.3 thousand a year ago. Based on this, RITE reported $24.8 thousand in net loss compared to $69.3 thousand in the same year-ago period.
*Updated November 15th, 2022
In Q3, RITE’s assets declined $169.8 thousand compared to $218.6 thousand at the beginning of the year. Meanwhile, the company’s liabilities grew to $390.5 thousand from $362.8 thousand over the same period. RITE’s operating costs also witnessed a slight increase since the beginning of the year as the company reported $75 thousand compared to $72.3 thousand. With this in mind, RITE reported a net loss of $83.4 thousand. Despite this, many investors are bullish on the company’s profitability in the future as it starts operating in the oil industry.
@og_tigress is anticipating updates on RITE’s upcoming acquisition.
@Shellhead_1 is bullish on RITE’s plans to operate in the oil and gold industries.
RITE is currently trading at $.0016 and shows resistances at .0017 and .0022. The stock also shows supports at .0013, .0010, .0007, and .0005. With investors anticipating updates regarding the company’s acquisition and partnership in the oil industry, RITE stock reached a new 52-week high given the bullish sentiment surrounding the company’s upcoming venture. As the stock is currently trading near a 52-week high resistance, bullish investors could watch for a break through the resistance to enter a position in RITE. At the same time, investors could wait for a pullback to retest the support for a cheaper entry point. With many investors speculating that the acquisition’s announcement could be approaching, RITE could be one of the stocks to watch in anticipation.
Accumulation is trending upwards and the MACD is bullish to the upside thanks to investors looking to secure shares of RITE ahead of its anticipated acquisition. The RSI is holding at 70 indicating that the stock is currently overbought. In light of this, RITE could be set to momentarily drop to allow the RSI to regulate which could offer investors better entry points. RITE has an OS of 4.3 billion and a float of 4.3 billion.
RITE Stock Forecast
With the company sharing its intention to operate in the oil industry, RITE appears to be poised for future growth thanks to its potential profitability in this lucrative industry. Given that RITE also has a partnership with a major oil company, many investors are bullish RITE stock could soar on more updates. With this in mind, investors are speculating the downstream acquisition could be finalized in the near future since the stock has been gaining momentum lately. Considering the company’s plans to continue gold mining operations in Ghana this year, RITE could be one of the stocks to watch this year for another parabolic run.
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