Graphite Energy Corp (OTCMKTS:GRXXF) continues to rampage higher up the chart in recent weeks. Shares of the stock have extended as much as 95% in a straight line over the past month. The move has been steady and driven by gradually increasing average daily session trading volume. The story here has been defined by the idea of graphite as a new mineral play on the boom in lithium-ion battery power demand. As the stock has been ripping higher, we are starting to see some changes at the top. As a case in point, the company just announced the appointment of Teresa Cherry as Chief Financial Officer and member of the Board of Directors effective March 5, 2018.
The Company also announced Sheri Rempel has resigned from her positions as Chief Financial Officer and as a director. According to the release, “Teresa Cherry has over 11 years of corporate accounting experience and extensive corporate experience having held senior level positions, including Controller and Chief Financial Officer, for several public companies. Mrs. Cherry obtained her Certified General Accountant designation in 2014 and is a Chartered Professional Accountant.”
Graphite Energy Corp (OTCMKTS:GRXXF) casts itself as a mining company that is focused on developing graphite resources.
Graphite is one of the most in demand technology metals that is required for a green and sustainable world. Graphite Energy Corp. has state-of-the-art mining technology that is friendly to the environment. Our mine, located in Quebec Canada, has historically been a natural resource for graphite.
With the demand for graphite growing on some of the most prominent and cutting edge industries such as solar and lithium batteries in electric cars and robotics, we have updated our technology to meet the demands of the future.
In short, Graphite Energy Corp operates as an exploration mining company. The company explores graphite and was founded in 2016. In addition, the company is based in Vancouver, Canada.
According to company materials, “Graphite Energy Corp. is a Canadian-based issuer listed on the Canadian Securities Exchange. It is currently engaged in the business of exploration of mineral properties in Canada and holds the right to acquire a 100% interest, subject to certain royalties, in and to the Lac Aux Bouleaux Graphite Property located near the town of Mont-Laurier in Southern Quebec. The Lac Aux Bouleaux Graphite Property consists of 14 claims covering an area of 738.12 hectares. The Company’s objective is to explore and, if warranted, develop the Lac Aux Bouleaux Graphite Property.”
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As noted above, this graphite battery play has been on a major run higher as traders and investors discover the theme. There may be more going on here – ie some investor awareness activity – but we can’t say for certain. That said, the trend has been relentless. It is not unusual to see changes at the top as a company sees major market attention. And this is apparently a good example.
“We are delighted to have Teresa Cherry join Graphite Energy Corp. in the capacity of Chief Financial Officer and as a director. Teresa’s extensive experience in strategic planning, business development, corporate financing and strong financial oversight make her a welcome member of the executive team, as we move forward with the Company’s global initiatives. We are very thankful to Sheri Rempel, who served the Company since inception and was instrumental in taking the Company public. We wish her good luck in her future endeavors,” said Afzaal Pirzada, Chief Executive Officer of the Company.
We’ve witnessed 53% tacked on to share pricing for the listing in the past month. The situation may be worth watching. GRXXF has a track record that includes a number of dramatic bounces. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 13% above its longer-run average levels.
Currently trading at a market capitalization of $27.7M, GRXXF has virtually no cash on the books, which must be weighed relative to virtually no total current liabilities. The company is pre-revenue at this point. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $GRXXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $GRXXF, either long or short, and we have not been compensated for this article.