On September 7 Barrel Energy tweeted it is canceling 3,051,000 shares and promised to do that more. Perhaps this recent activity is pushing OTC: BRLL to surge steeply. Last Friday the company has assured its stakeholders to not worry about a reverse split or diluting the stock plans.
Many shareholders have asked if company is diluting stock or plans of a reverse split. Barrel energy has no intention of diluting or ever doing a reverse split. We have massive plans and we will be happy to provide our shareholders with very exciting news shortly!
— Barrel Energy, Inc. (@barrelenergy) September 16, 2022
Barrel Energy strongly believes demand for lithium has only begun emerging and they are putting all available efforts to develop Lithium projects and opportunities worldwide. In 2021 the company has cemented a foundation for its current business by partnering with Roshan Technologies in establishing lithium-ion battery manufacturing units in North America.
BRLL is still bearing losses while trying hard to generate revenue from Nevada’s rich deserts that could contain plenty of chemicals including lithium, cobalt, graphene, and many more.