Asia Broadband Inc. (OTC:AABB) Stock In Focus After Recent News
As the midweek trading period moves into fear, it is a good time for investors to take stock of the situation and figure out the companies that they could look into. One of the companies that could be worth tracking at this point is Asia Broadband Inc. (OTC:AABB), which had, in fact, been in the news on Wednesday following a key announcement.
The company came into focus yesterday after Asia Broadband announced that it had gotten a total of $2 million from its four directors for a second purchase of the company’s preferred shares. The company revealed that it had issued a total of 20 million non-convertible preferred shares with a par value of $0.10 per share. Each share had 100 voting rights and the same degree of participation as common shares pertaining to all dividends of the future. Chris Torres, the Chief Executive Officer and President of Asia Broadband, picked up $1.4 million worth of the total issuance of preferred shares. In the news release from the company yesterday, it was revealed that the entirety of the proceeds from the preferred share sales would be deployed towards the capital expansion projects of Asia Broadband.
One of those projects would be the ore stockpile production agreement of the company worth $800 million, and another one would be the work related to the new processing plant facility at Etzatlan, Mexico. Torres spoke about the latest development as well, and it may be a good idea to take a look into it. He noted that the entire management team of the company was committed to the profitability and growth of Asia Broadband as a company.
The latest move from the directors was a concrete move that demonstrated that the management wanted to make a long-term investment for the expansion of the company’s digital asset and gold production businesses. Due to the additional infusion of capital from the management, there was even more focus on the part of the management personnel for the success of the company in every aspect. The company also pointed out that it had continued to work on its business strategy of mining production and acquisition for the purposes of getting a better return on capital. Asia Broadband noted that it had primarily been focused on regions in various parts of Mexico due to the specific advantages that the company possessed in the market. It could expand quicker due to previous success in gold production projects in Mexico.
Asia Broadband was in the news cycle on October 25 when it announced that the installation of the mineral analysis laboratory had been completed at the processing plant in Etzatlan, Mexico. At the time, the company had also announced that it had started a one-stockpile testing campaign at the site. In the news release, it was also pointed out at the time that the testing campaign would deploy the data that had been gathered not too long ago and the stockpile evaluation technical report. Those would be used for extrapolating the highest mineral concentration targets for confirmation and evaluation before priority-based processing activities.
