El Maniel International Inc (EMLL)

[21ZNA9]

Sub-Penny Stocks: El Maniel International, Inc. (EMLL.PK) Gets Some Market Attention

EMLL chart.pngEl Maniel International Inc (PINK:EMLL) heated the trading session on Monday when it scored a significant rise in the trading volume. The number of EMLL shares that changes hands that day was 390 million which is more than ten times the average volume.

During the day, EMLL spiked up to the psychological barrier of $0.001 but eventually retracted to the previous day close thus ending the day without any change it the price.

For three months, EMLL was struggling within its trading channel between $0.0003 and $0.007. Finally, yesterday the stock broke the resistance which was backed up by the increased trading volume.

EMLL managed to beat the resistance by a streak of incessant news, which started since mid January. The small stone which turned the cart turned out to be the last announcement of EMLL which provided an estimation of the future revenues of its gold mining project in Ghana.

In August last year EMLL issued 2 billion shares of restricted common stock to its CEO. The company currently has 2.9 billion outstanding shares which means that once the CEO gets eligible and decides to turn in his shares that would bring about 70% dilution.

Since EMLL has not emitted convincing signals that it will start generating revenues soon, it is not very clear if the stock will manage to get out of the triple zeros area. There is no official evidence to support the company's projections about the Ghana mining project, as well.