With an expected revenue increase of more than $5 million, and a recent sale of a million-plus shares, Normiska Corp.’s growth continues to skyrocket.
“They’re doing really well. They’ve been growing every year, they’ve been expanding . . . I think they’re expecting to go to $9 million in sales this year,” noted Marc Voyer of the investor relations firm JFH & Associates, which currently represents Normiska.
The expected revenue is a big jump from the $4.8 million worth of sales last year–and a huge increase over its $349,689 in revenue in 1998.
Normiska, which owns the peat plant and bog sites in the Fort Frances area as well as a mineral plant in Lachine, Que., also recently worked out a private placement of 1,428,571 shares at a price of 70 cents a share.
“It basically means that somebody’s bought a bunch of stock at a certain price,” explained Voyer.
The investor is restricted from trading those shares until Nov. 24.
Normiska’s core business is the production, manufacturing, and sale of horticultural raw materials such as vermiculite and perlite, peat moss, and jack pine bark composts and mulches.
The products are used for landscaping, golf course construction, nurseries, and greenhouses across the continental northeast and U.S. Midwest.
Normiska also is looking into a new venture–palladium mining–in the Thunder Bay area under a subsidiary (Nearco Minerals Inc.)
“Basically what they’ve done is they’ve optioned the land from Abitibi-Consolidated Inc. and they’re searching for palladium,” noted Voyer.
About 480,000 acres were optioned from Abitibi last December.
Fort Frances Times
Local News from Across the Rainy River District
