Having never before covered Atacama Resources International Inc (OTCMKTS:ACRL) here on Street Register, we’ll first identify what it is the company actually does before we jump into current and recent events. In fact, in the case of ACRL we have a company which is diversified into two main segments.
ACRL owns a technology company called Good2Drive, Inc. that has pioneered a smartphone application called Good2Drive and is developing follow on products that will be released later this year. In addition, the company has significant mining claims in the greater Kirkland Lake area of Northern Ontario. Metals and minerals under potential exploration include gold, silver, diamonds, graphite and cobalt. Major deposits of copper and iron ore are included in the mining claims.
This week, Atacama Resources International Inc (OTCMKTS:ACRL) announced results of the annual shareholders meeting held on August 11, 2017 in Edmonton, Alberta. The Atacama board members and officers were introduced to the shareholders, and the latest information regarding the status of the company was presented.
The COO presented a corporate overview, the CFO presented a financial review and the CEO presented a mining update. The recently released smartphone app, Good2Drive, was presented in detail, including the latest features and revenue projections through 2018. In addition, a new smartphone app scheduled for release in early 2018 called SeniorGuard was introduced with features and revenue objectives through 2018.
The CEO discussed the recent trading activity of the company’s stock. Due to the extremely high volume of shares traded, the company conducted an internal investigation to ensure that its officers, directors, majority shareholders and all personnel related to Atacama Resources complied with and continue to comply with all SEC and FINRA rules regarding the trading of the company’s shares. The company did not uncover any irregular practices or activities during its investigation.
Additionally, the CEO announced at the meeting that Atacama Resources prepaid in cash in late July a convertible promissory note that was scheduled to be converted to ACRL shares in early August. By recent board action, the company policy will be, if at all possible, to prepay convertible notes prior to any conversion to ACRL shares. ACRL was not required to convert several million shares as the result of the prepayment. (Source: Marketwired)
Pertaining to the internal investigation mentioned above, it was deemed prudent after some promotional activity at the start of this month (in which we had/have absolutely no involvement, just to be clear) made some waves.
According to the company, it had no knowledge of and no involvement in the development of the material published. The Company had no knowledge of these promotions even taking place until shared with the Company by OTC Markets Group on August 1, 2017. These unrelated promotions seem to have caused a significant adverse effect on the price of the shares. After thorough research of directors, major shareholders, and known third party providers, no evidence surfaced that any of these identities have been directly or indirectly involved in any way (including payment of a third-party) with the creation or distribution of promotional materials related to the company and its securities.
We’ve seen instances like this tons of times before in which promotions are run independent of the company or anyone even remotely tied to it. In this case, it seriously damaged the stock, and the big move we’re witnessing this week appears to be a course correction in that regard. To keep following the story, stay locked to Street Register for updates, and we’ll deliver important developments on ACRL as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in ACRL stock, short or long.