News

June 12, 2008

Potash North Resource Rockets Out Of The Gate

By Our Canadian Correspondent

Have you ever wondered what happens to the share price of a newly minted Canadian junior exploration company that is focussed on the commodity of the day and has the backing of mining entrepreneurs Robert Friedland and Lukas Lundin? Well, one look at the trading chart of Potash North Resource will give you the answer.

On 30th May 2008 a shell company called Timer Explorations already listed on the TSX Venture Exchange completed a two-for-one stock split and changed its name to Potash North Resource. The last trade in Timer was done on 1st May at C$0.20 a share, which valued the shell company at around C$2.7 million. After the share split, the company had just over 26.6 million shares in issue and closed that first day of trading at C$1.54 a share, giving it a market value of some C$41 million. At the...