News for 'CMKX' - (DJ Canadian Regulators Extend CMKM Insiders Stk Sales Ban)
By Carol S. Remond
Of Dow Jones Newswires
NEW YORK (Dow Jones)--Canadian securities regulators in the province of Saskatchewan have extended a temporary order enjoining insiders of CMKM Diamonds Inc. (CMKX) from selling the company stock to residents.
The Saskatchewan Financial Services Commission said Tuesday that it extended its original temporary Order barring insiders of CMKM from selling unregistered stock "until the Commission is provided with satisfactory information."
According to the commission's original order, which was scheduled to expire Nov. 9, Urban Casavant, David Desormeau and Melvin O'Neil traded shares of CMKM Diamonds and its predecessor Casavant Mining Kimberlite International, "when they were not registered pursuant to section 27 of the Act."
That order also stated that Casavant, Desormeau and O'Neil have, "with the intention of effecting trades in the securities of (Casavant Mining and CMKM) made statements which they know or ought reasonably to know are misrepresentations."
Casavant is CMKM president and a very large shareholder, O'Neil is the company's spokesman and Desormeau is, or was at one time, CMKM's chief financial officer.
CMKM Diamonds has been the subject of four "In The Money" Dow Jones Newswires columns that highlighted its huge daily trading volume and the lack of information surrounding the company and its mineral claims. According to the corporation department of the state of Nevada, there are currently 800 billion shares of CMKM authorized.
Billions of CMKM shares trade daily but because it trades on the unregulated Pink Sheets, the company doesn't have to provide any financial information to its shareholders. Although CMKM has declined to say just how many shares are outstanding, a recent dividend payment related to U.S. Canadian Minerals Inc. (USCA)'s acquisition of 5% of CMKM Diamonds' mineral claims indicated that some 780 billion shares had been issued.
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074; carol.remond@dowjones.com
(END) Dow Jones Newswires
November 09, 2004 21:15 ET (02:15 GMT)- - 09 15 PM EST 11-09-04
Pennies not a zero sum game as much as some zero game.
AI
