Penny Stocks on Radar: MZZMF, AFFCF, PBFFF, ETUGF

It is often a good idea for investors to consider taking a closer look at the latest price action in the market and then making their moves as per the stock that may be in action. In recent times, some penny stocks have come onto the radar of investors, and here is a closer look at some of the companies.

Matador Mining Limited (OTC: MZZMF) This morning, the company announced that it had entered into two new option agreements for two more mineral licenses adjoining its own Hermitage property. The new mineral licenses actually share a common border with the easternmost part of the existing Hermitage mineral licenses of Matador Mining Limited.

Sam Pazuki, who is the chief executive officer and director of the company, spoke about the development as well. He noted that the decision to acquire two more licenses in the area allowed the company to further broaden its exposure to the Hermitage property. He went on to note that the company had devoted the entire summer to the prospecting activities at that property.

The new licenses that had been optioned presented strategic opportunities to the company owing to certain specific geological features. One of the features was that there was complete coverage of the fold closure in an important geological unit that is considerably prospective for hosting gold deposits of orogenic nature.

American Future Fuel Corporation (OTC: AFFCF) On August 25, the company shot into the limelight after it announced that it had been issued its first drilling permit for a property by the New Mexico Mining and Minerals Division. The drilling permit issued to American Future Fuel Corporation was for the Caboletta Uranium Project, which the company owns in its entirety and is situated in the Grants Uranium Mineral Belt. As per the technical report that had been ordered by Uranium Resources Inc., the previous owner of the property, the advanced uranium exploration project boasted a historical uranium-inferred mineral resource to the tune of 5.6 million tons.

The company noted in its news release that the reliability of the estimate was considered reasonable. David Suda, the Chief Executive Officer of American Future Fuel, noted that following the receipt of the permit, it would be possible for the company to start working on the confirmation of the historical resources at Cebolleta. The aim of the company would be to come up with the current mineral resource estimate.

Planet Based Foods Global Inc. (OTC: PBFFF) The company, which is best known for offering a number of hemp-based food alternatives, made a key announcement last Friday. Planet Based Foods Global Inc. announced that it had concluded the second and final tranche of its private placement of a total of 67 convertible debenture units for the price of $1000 each.

The company managed to generate gross proceeds of $67,000. In total, the company issued a total of 341 debenture units, and the total gross proceeds from the offering came in at $341,000. A unit was made up of a debenture with a maturity date set at 18 months from the day of issuance, along with 5000 subordinate voting share purchase warrants in Planet Based Foods.

E2Gold Inc. (OTC: ETUGF) On August 25, the company announced that it intended to conclude a private placement by way of which it would issue a maximum of 25,000,000 units for the price of $0.03 a unit. Through the transaction, E2Gold Inc. seeks to raise a gross total of $75,000 in proceeds.

A unit would consist of one common share in the company and a common share purchase warrant. Those who hold a warrant would be able to pick up an additional share in the company for the price of $0.06 for a period of 24 months from the date of issuance.

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