Penny Stocks to Watch: CVGRF, GOVB, RKFL, EESH, CLSH
The stocks in the penny stock category command a massive following, and for good reason too. These stocks can often manage to deliver massive gains for relatively small investments, which makes them attractive to many investors. Here is a closer look at five penny stocks that could well be worth tracking at this point.
City View Green Holdings Inc. (OTC:CVGRF) The innovative company, based in Canada, is involved in the manufacturing of cannabis-infused edibles. This past Friday, City View Green Holdings Inc. was in the news after it announced that it had amended the terms of its revolving line of credit agreement with an arm’s length lending entity. Owing to the amendment to the agreement, the maturity date for the line of credit has been extended to December 31, 2023. In order to execute the extension, City View Green issued as many as 325,000 bonus warrants.
The company noted that one bonus warrant could be exchanged for one common share in City View Green for the exercise price of $0.10 a share up until December 31, 2023. However, it was also announced in the news release that the securities issued by the company would also be subject to a hold period. The hold period would expire on December 25, 2023, and that would be in line with the relevant securities laws.
Gouverneur Bancorp Inc. (OTC:GOVB), which functions as the holding company of the bank Gouverneur Savings and Loan Association, made a key announcement on August 24. It was announced that the newly established Maryland holding company and potential successor company of the bank Gouverneur Bancorp Inc. would start its common stock offering in relation to the conversion of Cambray Mutual Holding Company (MHC) to a stock holding form of organization from a mutual holding company. It was also revealed that both the MHC and Gouverneur Bancorp had been provided with all the necessary regulatory authorizations and approvals for the stock offering.
Gouverneur Bancorp announced that it had decided to offer the sale of as many as 9,77,500 shares of its common stock on a best-effort basis for the price of $10 each. The news release also revealed that the shares would be offered as part of a subscription offering to borrowers and eligible depositors. The employees of the bank would also be eligible to subscribe as part of the employee stock ownership plan initiative.
RocketFuel Blockchain Inc. (OTC:RKFL) The company is best known for providing payment solutions across the world by way of ACH bank transfers, Bitcoin, and other cryptocurrencies. Last Friday, RocketFuel Blockchain Inc. announced that in the second fiscal quarter there had been a fifteen- to twenty-fold rise in its daily transaction volume and daily revenues. The company noted that such growth further strengthened its position as the leading player in the payments solutions space.
The company revealed that during the months of July and August this year, its growth accelerated due to the introduction of a number of new products that had been introduced in the previous months. Additionally, there had also been a steady rise in the company’s customer base. Average daily revenues went up 20 times to $8500, and the ARR stood at $3 million as of yesterday. The daily transaction volume went up to 3000 from 200, which reflected a fifteen-fold rise.
EESTech Inc. (OTC:EESH): The company, which specializes in mining as well as mining process remediation and reclamation services, announced on August 25 that it had signed a collaborative development agreement. EESTech Inc. announced that the agreement had been signed with Seche Environment, which specializes in circular economy, waste recovery, the production of low-carbon energy, and environmental energy.
The agreement between the two companies focused on the recycling of mineral process waste so as to ensure the recycling as well as the certainty in the supply chain of critical raw materials in the European markets. Seche is based in France, and its operations are spread across Latin America, Europe, and southern Africa. The company possesses specific skills pertaining to the remediation and decontamination of industrial waste sites that may be polluted.
CLS Holdings USA Inc. (OTC:CLSH) On August 24, the diversified cannabis firm announced its financial results for the fiscal year that ended on May 31, 2023. CLS Holdings USA Inc. generated revenues of $231,34000 in the fiscal year as opposed to revenues of $226,63000 in the previous fiscal year, which reflected a year-on-year improvement of 2%. However, the net losses for the fiscal year went up by as much as 508% to $148,440,000 from $2,440,000.
The net loss attributable to CLS Holdings was $13,800,000 for the fiscal year, which reflected a rise of as much as 489% from the figure of $2,343,000 in 2022.
