In mid-morning trading, investors seem to be scrambling for Minerco Resources, Inc. (OTCBB: MINE) shares. The renewable energy solutions provider announced the acquisition of a 4 mega-watt, Hydro-Electric Project known as “Iscan” located in the Municipality of Guata, in the Department of Olancho in Honduras.
In exchange for 1M restricted shares of their common stock, Minerco stands to benefit from a project that is estimated to gross $2.4M/year, according to the company’s news release.
The company’s balance sheet appears fairly clean, with no large outstanding debts; albeit, no significant assets either. As of December 15, 2010 Minerco Resources, Inc. (MINE) had 364,795,000 outstanding shares of its common stock.