On October 26, 2004, the Saskatchewan Financial Services Commission issued a Temporary Order halting trading of CMKM stock until November 9th. The Temporary Order also suspended trading in shares of CMKM's affiliate, Casavant Mining Kimberlite International, and put a halt to securities trades by Urban Casavant (CMKM's President), David Desormeau (a one time, and perhaps present, director of CMKM) and Melvin A. O'Neil (CMKM's press contact).
The Temporary Order charges that Casavant, Desormeau and O'Neill made statements that contained misrepresentations in connection with their trades of CMKM stock that were neither properly registered nor exempted from registration. The Temporary Order may be extended beyond November 9th if the Commission does not receive satisfactory answers to its questions.
Meanwhile, south of the border, the U.S. Securities and Exchange Commission was setting its sights on CMKM's partner, U.S. Canadian Minerals. On October 28, 2004 the SEC suspended trading of U.S. Canadian shares until November 10, 2004, putting an end to months of irrational trading and speculation fueled by rumors, press releases and promotional hype. In announcing the suspension, the SEC cited questions about the accuracy of publicly disseminated information concerning U.S. Canadian's financing and mining activities and claims about the value of the Company's assets.
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