It looks like in the last two trading sessions Amerilithium Corp. (OTC:AMEL
, AMEL message board
) share price is experiencing some of its regular spikes. If a paid promotion was usually among the factors behind in the past, this time no promotions have been disclosed.
Yesterday's session was also an intensive one for AMEL - it surged for a second day in row to $0.23 per share, though this time the market closed without a change from the previous day at $0.20. Trading volume was three times higher than the average with almost 433,000 traded shares, but still it decreased from the previous session. With such technical constellation it is hard to say if AMEL will now continue immediately its long-term downtrend, or will make one more jump before that.
As usual, Amerilithium kept investors up to date with its activities in the last two months as well. According the to company's latest press releases and SEC filings, in July AMEL signed an agreement with MidSouth Capital which would now act as AMEL financial advisor, investment bank and placement agent on a best efforts basis during future capital raising activities of the company.
MidSouth will now be expected to introduce AMEL to potential new investors, yet there is no guarantee that new debt or equity capital will be raised. If that happens, however, AMEL new underwriter will get a fee of 10% from the raised cash, as well as 50,000 restricted shares of AMEL for every $100,000 raised. These terms for the fee will hold for the next two years.
Despite that new agreement, however, it looks like nothing has changed in the uncertain position of Amerilithium, which is confirmed also by the company's latest quarter report. In July, AMEL also hired a company providing geophysical services to conduct a gravity survey on the Clayton Deep
Prospect in Esmeralda County, Nevada. The survey is expected to take 8 days and on Monday it was announced that the first phase should start on Monday next week.