Coastal Pacific Mining Corp (fka CPMCF)

[croaker246]

CPMCF Article:

http://www.hotstocked.com/article/3165/coastal-pacific-mining-corp-otc-cpmcf-starts-a.html

Some stock promotions and an announced letter of intend made Coastal Pacific Mining Corp. (OTC:CPMCF, CPMCF message board) stock heavily traded this week. For a company with no operation, nor interests in any mining properties with proven reserves, the stock recovered too quickly from its oversold status. The paid stock promotions and the trading alerts for CPMCF started at the end of last week, following the huge drop off of the share price from $0.16 to under $0.04.
One of the promoters disclosed to be holding 390,000 shares of the stock, which were all previously purchased on the open market. The other one got a cash compensation of $5,000. Since last Friday and up to yesterday, CPMCF has become over 87% more valuable. The trading volumes realized during the days of the promotions have also not been seen in the short trading history of the stock.
Yesterday, CPMCF share price kept going up and closed at $0.0749, or 46.86% higher than on Monday. 68.66 million shares were traded, the absolute volume record. Along with the alerts, some PR was also done for the company with no revenues, profits or assets. It was announced that Coastal Pacific has entered into a letter of intend to earn a 50% interest in a property named Santa Rita, located in the Republic of Peru and having "mineralization identified with a current potential value of over $350,000,000". The letter of intend will be valid for 21 days, which appears to be also the period in which traders will have the opportunity to evaluate the viability of that incredible value, or maybe to load more shares if the promotions continue.
Also on Friday, some information about the new shareholder structure of Coastal Pacific has been provided through the latest SEC filing of the company. In the middle of June, CPMCF entered into a debt settlement agreement with a one of its lenders, a business advisory company. Debt for $184,414 has been settled in exchange for 36.88 million common shares of CPMCF. After a forward stock split in July, the lender received another 55.32 million shares and currently holds 41.02% of Coastal Pacific common stock.