As the trading week draws to a close, investors are still going to continue to study penny stocks in order to discover the next multibagger stock. This feature is going to provide you with a closer look at four penny stocks that could be tracked over the coming days.
Overactive Media Corp. (OTC:OAMCF) On August 17, the global media, entertainment, and sports company targeting the present generation of fans announced its financial results for the three- and six-month periods, both of which ended on June 30, 2023. In the second quarter, the company generated revenues of C$3.9 million, which reflected a year-on-year rise of as much as 65%. The adjusted EBITDA loss for the quarter was C$2.5 million, but it was an improvement of C$1.3 million on a year-over-year basis.
Overactive Media reported cash and cash equivalents to the tune of more than $9.3 million as of June 30, 2023. The co-founder and interim chief executive officer of the company, Adam Adamou, spoke about the performance as well. He noted that he was thrilled at the performance of the company, which was punctuated with strong revenue growth. He went on to add that in the second half of the year, the company was looking to reach breakeven in terms of EBITDA.
Reflex Advanced Materials Corp. (OTC: RFLXF) Yesterday, the company hit the news cycle after it made an announcement with regards to its mineral property option agreement with Alex Pelson. As per the agreement, dated September 1, 2021, the company had exclusive rights to 100% of the Zigzag lithium property.
In connection with that agreement, Reflex Advanced Materials Corp. announced yesterday that it had issued 100,000 more common shares in its capital in order to take care of its obligations to date. The obligations were in line with the terms and conditions of the agreement that had been originally signed.
As per the terms of the agreement, the company had been required to pay $250,000, issue an aggregate of 500,000 common shares, and also incur a minimum of $310,000 in the form of exploration expenses on or before August 3, 2024. Once all these conditions are met, Reflex Advanced Materials will have exercised its option in full. However, the company also had the right to carry over expenditures from one period to another in order to fulfill the obligation.
EMP Metals Corp. (OTC: EMPPF) On Thursday, the company was in focus after it announced positive results from a perforation and swab test across multiple layers at a second targeted lithium well. The well in question is situated strategically on the subsurface crown mineral dispositions of Hub City Lithium Corp. in the Viewfield Area of Saskatchewan.
The step out, which had been successful, was around 800 meters east to the Viewfield discovery well. The Chief Executive Officer of EMP Metals Corp., Rob Gamley, spoke about the development too. He noted that the results confirmed the presence of a highly concentrated resource of lithium.
Andrada Mining Limited (OTC: ATMTF) The African tech metals mining firm has a portfolio of exploration and mining assets in Namibia. Yesterday, Andrada Mining Limited provided an update with regards to the funding package from funds managed by Orion Resource Partners, which had been announced on September 15 last year.
The company announced that on August 11, it had signed a binding document for an updated funding package worth $25 million with Orion. The company issued $2.5 million in equity to go along with $10 million in the form of a convertible loan note and $12.5 million in unsecured tin royalty with the purpose of boosting the tin production of Andrada Mining.
