(In a previous story the company was incorrectly referred to as Encarto Potash)
Encanto Potash Corp (EPO.V) is up 5.7% on its previous close of 26.5 cents, with more than 3.4 million shares traded.
The shares, which are currently trading at 28 cents, opened at 25 cents. The company has seen its shares edge steadily upwards since it touched a year low of 13.5 cents in early Oct. Encanto Potash hit a year high of 65 cents on Feb 7.
The company this morning updated the market on the Treaty Land Entitlement designation vote which occurred on Saturday Nov 26th.
The Muskowekwan Band membership list used by Aboriginal Affairs Northern Development Canada (AANDC) contains 1,114 eligible voters. The AANDC requirement states that an initial designation is successful if 50% +1 of the membership cast their vote, requiring 558 votes be cast. However, Encanto announced today that a total of 547 ballots were cast, and therefore, the vote failed to meet the requirement by 11 votes.
Encarto reported that the Muskowekwan First Nation ( MFN ) is questioning the number of eligible voters on the list used by the AANDC for reasons of accuracy due to deaths and transfers of former members. AANDC and the MFN will be undertaking a detailed review to determine what impact this may have had on the outcome of the vote. This process is expected to take several days and must be validated and verified by AANDC.
It is important to note that of the 547 votes cast, approximately 80% were in favour of the land designation, said Encanto.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
