Titan Iron Ore Corp (OTCBB:TFER) Stock On the Move
Titan Iron Ore Corp (OTCBB:TFER) stock may be ripe for another bounce back run after falling over 26% in the last 20 days. During the 1st quarter the Company’s shares have shown a propensity to snap back to the $1.50 range from it’s current price. It happened in January and again in March, so this could be a decent penny stock to add to the watch list.
About Titan Iron Ore Corp
The Company is focused on the acquisition and development of iron ore exploration and development mining properties located in regions that enjoy stable politics, sound economies and friendly business environments. Currently the Company has exercised its option to acquire the Wyomex Iron Complex project in Albany County, Wyoming, USA.
The Company has recently announced that through an Asset Purchase Agreement it has closed on its option to purchase the Strong Creek and Iron Mountain (the “Wyoming Iron Complex”) Iron-titanium mineral project located in Albany County, Wyoming. The Wyoming Iron complex consists of mineral leases and unpatented mining claims aggregating approximately 683 acres and was wholly owned by Wyomex LLC (“Wyomex”), a Wyoming limited liability company.
Titan earlier reported that effective June 30, 2011 it had entered into the option agreement with the exclusive right and option to acquire a 100% undivided legal and beneficial interest in the property. The purchase price is $7,000,000 payable over time, secured by a Promissory Note and Mortgage, and consists of a 4.5% gross metal value (“GMV”) royalty, payable prior to production as a minimum advance royalty of $62,500 every 6 months (as index-adjusted for inflation), and upon commercial production from the property, a minimum of $150,000 per year. Once the full $7,000,000 has been paid to Wyomex, the GMV royalty reduces to 1.5% on metals production. By entering into and closing a definitive Asset Purchase Agreement the Company has now taken title to the property.
TFER Stock Chart
Trading Snap Shot
Current Price: $1.12
10 Day Price % Change: 26.90
10 Day Moving Average: $1.29
10 Day Average Voulume: 1,146,241