Today, at the trading session opening there are not passionate bids and rush on Portage Resources Inc (PINK:POTG) stock.
Yesterday, Portage finally announced its quarterly report for the period ended August 31, 2011. This happened one week after POTG filed dully a notification of inability to timely file its Form 10-Q.
The aforementioned document has been expected by investors like a hot bread. It succeeded even to inspire some investors for POTG to close the trading session with 3.75% price sour yesterday. The share price “jump up” has been supported by 2.7 million shares changed hands. The trading volume has been six times less than the daily average for the company.
Possibly, the number of bids supporting the upward move mirrored the company's statement about the definitive agreement with Grupo Industrial Canamex (Canamex). POTG confirmed the negotiated draw-down equity line of credit of $3 million.
The other fifth sixths part of the average trading activity on company's stock has been missing.
One of the possible reasons for this has been the fact that for the first time Portage Resources Inc “spoilt” the virgin landscape of its financial statements. As of the end of this May, the company reported the modest zero cash and $137 thousand in total current liabilities.