Calissio Resources Group Inc (OTCMKTS:CRGP) reported that it has retired 77.25 million shares of company’s common stock following a share buyback process. This move provides an opportunity to have an improved unified capital structure that will position the company for growth and expansion.
Adam Carter, the CEO and President, said that the objective is to support the continued growth of the company, preserve the stock structure and enhance shareholder value. This recent transaction reduced the total issued stock to nearly 242.82 million shares, significantly mounting the ownership percentage of Calissio’s public shareholders. Almost a year ago, after the reverse split, the company reported three million shares of its company stock.
The progress
In terms of the share buyback plan announced in June, from June 1 until August 12, 2015, the company bought 95.75 million of its shares averagely priced at $0.0043 a share. The total count of repurchased shares under the announced plan to date is 95.75 million common shares for $411,725. Moreover, Calissio was on schedule for quarterly payout on August 17.
The company is focused on the advancement and acquisition of base metals assignments in Mexico. These projects are currently near production or already in process. The state-of-the-art exploration capabilities will add considerably to the company’s asset foundation. The management is working to acquire mineral interests that highlight considerable growth, cash flow and value opportunities.
The momentum
After registering strong gains last week, CRGP started in red on Monday. In last trading session, the stock price of Calissio Resources declined more than 17% to close the trading session at $0.00190. The decline came at a share volume of 201.24 million compared to monthly average share volume of 51.62 million. This pull-back is the result of the end of hype that prompted the investors to increase their holdings in the company’s stock. After the recent decline, the market cap stands at $226,976.
