The previous close for Tamino Minerals Inc [OTCPink: TINO] was 41.98% higher at $0.0115. Compared to its 1-month average volume of 2.20M, Tamino stock saw volume of 12.60M. The last 52-week price range for TINO stock was $0.0010 to $0.0220. TINO stock spiked following news of plans to commence litigation over banning convertible noteholders from trading in penny stocks.
Who banned the trading?
Tamino is an exploration company searching for precious metals, copper, lead, and zinc. Mineral exploration is currently done by TINO in Mexico. El Volcan Project is a highly prospective gold and silver area in Mexico, home to TINO’s El Volcan Property.
Tamino has been notified by the Securities and Exchange Commission “SEC” that this Convertible Noteholder is prohibited from trading penny stocks.
They will therefore be unable to convert the Note they currently possess into stock. Because TINO was posting on social media, it is unlikely to have any conversions. The Penny Stock Market is effectively regulated by government authorities, according to TINO.
As TINO moves towards becoming Pink Current Information in order to access a much higher Financial Reporting Tier, it published that Material Information to its shareholders. TINO plans to reveal more details about its ongoing geological exploration activities shortly.
How it will impact?
Tamino (TINO) negotiated with Noteholder a two-staged financing in 2014 and, because of the trading ban, is unable to proceed with any further transactions. In the litigation, TINO plans to provide further information as it proceeds, including whether it seeks punitive damages.