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By Ekaterina Zelenkova
Sep 16, 2011

Portage Resources Inc (PINK:POTG) Stock Bounced Up

POTG_price chart_150911.jpgYesterday, Portage Resources Inc (PINK:POTG) stock bounced unexpectedly 15.12% on a vast trading volume exceeding almost twice the daily average for the company. On the horizon there was no news related to the company that could bear such a stock rush.

Two days ago, Portage disclosed its annual report, which has been one of the main reasons for the company's stock sale off on Wednesday.

In unison with the stated in the financial statements assumption that the company will continue as a going concern, POTG announced that it had no revenues for the period from its inception in 2006 through May 31, 2011.

Once again POTG repeated the known already by the investment community fact that the company expects to incur substantial costs and losses up to the commencement of exploration work on its properties. The financial year of POTG outlined following results:

POTG_from the site1.png

  • Zero total assets,
  • Total stockholders' deficiency of $(137) thousand,
  • Net loss of $(22) thousand,
  • Net cash used in operations of $(13) thousand,
  • Cash flows provided by financing activities of $12 thousand,
  • Zero cash flows from investing activities and.....
  • Zero cash as of the end of this May.

The only meaningful and impressive numbers beyond the line of zeros and thousands have been these related to the company's  outstanding capital and funds needed to sustain operations.

Portage announced to have outstanding 4,452,000,000 common shares at the beginning of this September.

Possibly, the staggering number calmed some investors. Thanks to this material treasure the company may plan to acquire mineral properties not only in Peru.

POTG stated also that for the fiscal year ending May 31, 2012 the company will be required to raise $1.2 million. The amount has been calculated based on company's needs of capital for general operations, planned exploration activities and required property payments.

Most probably, the recent annual report of Portage has become a briny factor for the share price plunging down by 22% the day before yesterday. The question arises: “Why did the share price leap during the last trading session?”

Perhaps, the company's future potential inspired investors. The other reason for the share price soar may be the overall bullish mood towards all commodities related to exploration of mineral properties.

It is interesting to mention that the annual report of POTG attracted even shorters these days. On Tuesday, hours before the company made its SEC filing, the short volume represented 20.24% of the total trading volume. Maybe, the speculative gains have been already banked yesterday.

Average Reader Price Target For POTG:

Going Up!
0.1732

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