RE:No Insider Buying Says it All!2 years behind schedule and a slow process getting the balance of the funds needed in a less than boisterous sector is one reason.
As they work to put whatever deal they can, it take 6 month to a year to put together.
Then you have insider rules and they are protected by having the privilege of Options at a set price currently being $1.27 PS.
So on one hand, the longer it takes to confirm a deal, nothing is happening. Since no one can project value without all the missing pieces: funds, equity, potash price, timeline, sale of the remaining potash etc. there is limited interest. Most funds and institutions have gotten out. Hard to tell what a company is worth without all these details or earnings.
When they get close they cannot buy and people are known to pull away at the 11 hour.
They are in talks with different people, but until someone steps up or rumours, this will continue to loose appeal. They need at least $100 Million and capital markets are soft. With potash under $400 CDN the margins do not leave much room for error and suspect people are not banging down the doors.
Magnesium is still in planning stages so doing a deal with one outfit is still a ways away.
That is the market at work.