RE: Oldly enough ....................This item from Stockwatch should answer your question about why no one has heard of Channel.
"John Kaiser reports in a Sept. 17 Tracker that Channel Resources (then six cents) is an old junior reintroduced as a new "Bottom-Fish Extreme Risk Buy" below 10 cents. Stockwatch has no record of Mr. Kaiser recommending the stock since Janaury, 1994. The Toronto Stock Exchange will suspend trading on Oct. 10. The company is applying for a TSX-V listing, but there is no guarantee it will be successful before Oct. 10. The company has no money, no projects and management owns less than 15 per cent of the stock. Mr. Kaiser, the sultan of spec, is pinning his hopes on Ross Fitzpatrick, the 11-per-cent shareholder who turned Viceroy into a major mining success story and got squeezed out of the picture in 1996. Viceroy (now Quest Capital) remained the largest shareholder. Mr. Fitzpatrick has not put much effort into Channel during the past six years because of this ownership structure and his appointment as a senator. A couple weeks ago Quest sold five million Channel shares as low as three cents to a group friendly to the Fitzpatrick family. The attraction is that Mr. Fitzpatrick will find a new gold project for Channel and turn the junior into something of a comeback vehicle."
No money, no projects - do they even have property? I don't know. Maybe next month they won't even have a stock exchange listing. Their web site is under construction, so I could't do a quick search there for information. Not exactly a stock and story beloved of most investors. And by the way, it's not unusual for the price of a large block to be traded at far less than current bid, if the seller wants out. Think about it - who is going to buy 5 million shares? This has been, up until the past few days, a very thinly traded stock. You'll work through the person who will buy (say) 10k at .05, then the next person who will buy 20k at .045, then...you get the picture, I hope. The person who steps up to the plate to buy several million shares is pretty well going to get the price he asks. The determining factor here is, who wants the transaction most, the seller or the buyer? I would say the seller, in this case.