Graphite Penny Stock Exposion!
Western Graphite Inc. (OTC: WSGP) exploded in the beginning of April from a start point of around $0.60 the stock has seen highs over $1; considering the massive promotion many investors are speculating this one goes much higher.
WSGP follows a number of Graphite exploration Penny Stocks in recent months that moved up in the short term on heavy promotion but ultimately dropped lower including National Graphite Corp. (OTC: NGRC) Graphite Corp (PINK: GRPH) American Graphite (OTC: AGIN) and USA Graphite (OTC: USGT)
The stock is being promoted by Tobin Smith; The Next Big Investor with a documented $1,800,000 promotional budget touting that "There is only ONE solution to China's environmental & economic AIR-MAGEDDON … Western Graphite (WSGP)"
According to a recent press release Western Graphite is a publicly traded US exploration company focused developing its property in Canada and Turkey, which comprises almost 7,313 acres which is one of the largest land portfolios within a public graphite company.
Western Graphite aims to be a major world class producer of graphite and become a major supplier of this commodity. Our goal is to become a large enough producer so as to help North America become graphite self-sufficient, avoiding the need to import from foreign producers.
On April 2, WSGP announced that it has acquired 100% of the "Pure Flake" graphite property in BC. The flagship project "Pure Flake property" is located in British Columbia, Canada and is comprised of five contiguous mineral claims covering approximately 6,088 acres.
The Pure Flake property is also closely located to the US border for easy and cost efficient exportation of the property's graphite. Western Graphite is excited to be an early mover in an emerging graphite camp with current production in close proximity to our project area. The company is fortunate to add this asset to its property portfolio.
Conclusion: Currently trading at a market valuation approaching $50 million WSGP has minimal assets and no revenues to date. Besides the aggressive stock promotion with a $1.8 million budget WSGP has little fundamentals to back up its current market valuation. Once the promo dollars run out this stock could drop fast.
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Western Graphite Inc. (OTC: WSGP) was incorporated in the state of Nevada as Lucky Strike Explorations, Inc. In February 2013 the Company changed their name to Western Graphite Inc.