fortis mining poised to announce update on kaz

http://www.proactiveinvestors.com.au/companies/news/14875/fortis-mining-poised-to-announce-update-on-kazakhstan-potash-acquisitions-14875.html


Fortis Mining poised to announce update on Kazakhstan potash acquisitions

Wednesday, March 23, 2011 by John Phillips

Fortis Mining (ASX: FMJ) status on the ASX has been moved to suspension from pre-open pending the announcement of a proposed potash acquisition in west Kazakhstan.


The anticipation for the announcement stems from the unprecedented recent investor interest in potash stocks, which has seen some companies shares skyrocket.

Considering Fortis, the company only hit the ASX boards in December 2010 after an IPO offering 20 million shares at $0.20, with the shares recently trading just shy of $4, and last changed hands at $2.69.

Another more advanced potash stock, South Boulder Mines (ASX: STB), recently traded above $6, more than 20 times higher than the $0.30 from a year earlier.



The timeframe for Fortis to be removed from the suspension is not known, but would realistically be expected to happen within one trading day.



Considering Fortis, the company only hit the ASX boards in December 2010 after an IPO offering 20 million shares at $0.20, with the shares recently trading just shy of $4, and last changed hands at $2.69.