Meanwhile, wasn’t coal meant to be on the way out?
That did not stop the punters piling into East Energy Resources (ASX: EER) on Wednesday, pushing its share price up 1,100% in a single session to close at $0.036, against the previous close at $0.003.
However, and while many of the those queried said they knew of no explanation of the big gains in their share prices, this company did have something to add to its story.
East Energy the next day called for voluntary suspension and told the ASX that it was in discussions for a possible recapitalisation of the company.
The company is focused on coal exploration in the Eromanga Basin in Queensland with permits that host a total JORC resource estimate of 3.44 billion tonnes of thermal coal.
EER Price at posting:
3.6¢ Sentiment: None Disclosure: Not Held
