TurkPower Corporation (OTC:TRKP) increased in today’s session after the company proposes name change. As a result, the stock of the company increased 5.26% to $0.200 in the morning hour. The stock is trading on an above average volume of 114K shares.
The company today announced that it plans to change its name to SibMet Coal Corporation. The name change signifies the company’s expanding focus on the flourishing metallurgical coking coal industry and its projects in Siberia.
Additionally, the company has recently announced the acquisition of the Zavyalov Square of the Toguchino Coal Field which is located in the Toguchino District of Novosibirsk Region, Russia. Zavyalov decrees over 100 million tonnes of forecasted extractable quantity of coking coal. As part of the transaction, TurkPower received inventory of coking coal worth in excess of $20 million, which the company palns to sell in the second quarter of 2012.
The Company will also inform its revised business plan and forecasts, the status of the purchase of Zavyalov, and other details such as the additions to management and board of directors as well as the formation of its audit and compensation committees soon.
For the three months ended November 30, 2011, the company reported professional fees of $225,429, as compared to $63,343 in the year ago period. The increase in professional fees was due to legal and accounting expenses, due diligence, and investor relations expenses.
Company focuses on buying controlling ownership in an operational iron ore mine and several mining projects under development. The 52 week trading range for the company is $0.09 – $0.44. In the last one year, the stock have plunged over 31%.
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