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IIROC halts Liberty Silver after stock falls 39%

10/5/2012 6:37:08 PM | Stockhouse Editorial

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IIROC gave no specific reason for the trading halt and officials at the Toronto company were unavailable for comment Friday.

The Investment Industry Regulatory Organization of Canada (IIROC) halted trading in Liberty Silver Corp. (TSX: T.LSL, Stock Forum) Friday.

When IIROC stepped in at around 10:00 a.m., the stock had tumbled to 97 cents, down 39% from the Thursday close of $1.58.

Liberty Silver did not issue a news release Friday and IIROC gave no specific reason for its action, saying only that it can suspend trading ahead of a material news announcement by the company.

“Trading halts are issued based on the principle that all investors should have the same timely access to important company information,’’ IIROC said.

Liberty Silver is a Toronto-based mineral explorer. Its flagship asset is the formerly producing Trinity Silver project, located 40 kilometres northwest of Lovelock, Nevada.

The company was recently involved in a hostile bid to acquire Sennen Resources Ltd. (TSX: V.SN, Stock Forum), a move that was dubbed by Sennen as both inadequate and a desperate bid for the Vancouver company’s $13.5 million cash.

Liberty didn’t muster sufficient support and announced that it was withdrawing the bid on September 14, 2012.

Liberty officials were unavailable for comment Friday.

At 97 cents, the company has a market cap of $78.29 million, based on 80.7 million shares outstanding. The 52-week range is $1.58 and 40.5 cents.

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