UTOG

UTOG Surprises Shareholders

If you are a penny stock trader, then you must not be surprised after hearing news from Uniontown Energy Inc (OTC:UTOG), which stated that the United States Securities and Exchange Commission (SEC) has halted the company’s stock to trade on the OTC market till 11:59 p.m. EDT, on June 14, 2011.

UTOG further added that it has not received any details from the SEC, but it also assured that the company is taking necessary steps and will co ordinate with them, if they have any requirements.

Furthermore, the company clarified that as per them, UTOG has filed all the necessary documentations accurately and in a timely manner.

The recent announcement is very surprised for UTOG shareholders, but they can’t do anything with their shares at least until next 2 weeks. In the meantime, we would look forward for the next development and see how UTOG reacts to the SEC’s queries.

UTOG Stock Slumps

Shares of UTOG stock have slumped over 22% since May 20, 2011 on not very volume.

Yesterday, UTOG said that it has received the entire money from its Private Placement of $3 million which was announced on April 27, 2011. The original issue was for $2.50 million, but as it over subscribed, the company increased the size of issue to $3 million.

UTOG – Uniontown Energy is a development stage company and had no revenue as of January 31, 2011. Moreover, the company had a very low cash balance of $157. The company has a deficit working capital of $629,449 and shareholders’ deficit of $629,449.

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