This week, Potash America Inc (OTC:PTAM) cut off the gain. Yesterday, the stock price decreased by 10.20% while its traded
volume jumped up. Nevertheless, PTAM looks determined to get back on track by promotions.
PTAM has been promoted since yesterday and the campaign is still on today, worth $30,000. The alerts are meant to pump up PTAM stock price as soon as possible, and the result is yet to be seen.
Meanwhile, any news on Potash is currently missing. The latest publication dates from April 17 when the company reported that it has entered into a $1,000,000 Letter of Credit Agreement.
Pursuant to the Agreement, at any time PTAM may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the company at a price of $0.80 per unit. PTAM will pay annual interest of 5% until the loan is repaid or converted into Units, and issue 1,250,000 Units when the exercise provision is enacted.
This news being reported, no further information on PTAM has been released.[BANNER]
Potash America, Inc. is a development-stage company engaged in the development of an online advertising brokerage service to facilitate the sale of advertising space on the Internet. As of December 31, 2011 the company’s current assets have decreased, while its liabilities got almost nine times higher as compared to the previous period.
At the same time, the stockholders’ deficit hit $375 thousand, and the deficit accumulated during the exploration stage reached approximately $719 thousand.
And while the losses are increasing, the revenues keep pointing zero, which lights a red signal for investors. Apparently, the only hope left for PTAM appears to be their new credit agreement. Though, it’s still not certain if the company will manage to pay the interest.
