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Post by Franko10 ™ on Mar 3, 2005 11:32:54 GMT -5
SEC Temporarily Halts Trading In CMKM Diamonds
11:23 EST Thursday, March 03, 2005
NEW YORK (Dow Jones)--The U.S. Securities and Exchange Commission temporarily halted trading in the shares of CMKM Diamonds Inc. (CMKX) Thursday.
The SEC said it is suspended trading in the stock because of questions about the "adequacy of publicly available information concerning, among other things, CMKM Diamonds' assets and liabilities, mining and other business activities, share structure and stock issuances, and corporate management."
Trading is suspended until March 17.
The commission said in a press release that CMKM Diamonds has been delinquent in filing periodic financial reports since December 2002. The company has been trading on the unregulated Pink Sheets market.
The SEC said it "is concerned that CMKM Diamonds may have unjustifiably relied on a Form S-8 to issue unrestricted securities." The SEC also said that it is " also concerned that CMKM Diamonds and/or certain of its shareholders may have unjustifiably relied on Rule 144(k) of the Securities Act of 1933 ("Securities Act") in conducting an unlawful distribution of its securities that failed to comply with the resale restrictions of Rules 144 and 145 of the Securities Act."
CMKM Diamonds recently announced in a press release that it reinstated its reporting status and that the company would now be able to file required quarterly and annual reports with the SEC. None have been filed so far.
Separately, Canadian securities regulators in the province of Saskatchewan issued an order in November enjoining CMKM Diamonds president and large shareholder, Urban Casavant, and two others from selling CMKM Diamonds shares without proper registration. That order, issued by the Saskatchewan Financial Services Commission, was originally scheduled to expire Nov. 9 but it was extended until the commission receives "satisfactory information."
CMKM Diamonds has been the subject of several Dow Jones Newswires "In The Money" columns that highlighted the company's 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.
-By Carol S. Remond, Dow Jones Newswires; 201-938- 2074; carol.remond@ dowjones.com
Dow Jones Newswires
03-03-05 1122ET
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.
11:23 EST Thursday, March 03, 2005
NEW YORK (Dow Jones)--The U.S. Securities and Exchange Commission temporarily halted trading in the shares of CMKM Diamonds Inc. (CMKX) Thursday.
The SEC said it is suspended trading in the stock because of questions about the "adequacy of publicly available information concerning, among other things, CMKM Diamonds' assets and liabilities, mining and other business activities, share structure and stock issuances, and corporate management."
Trading is suspended until March 17.
The commission said in a press release that CMKM Diamonds has been delinquent in filing periodic financial reports since December 2002. The company has been trading on the unregulated Pink Sheets market.
The SEC said it "is concerned that CMKM Diamonds may have unjustifiably relied on a Form S-8 to issue unrestricted securities." The SEC also said that it is " also concerned that CMKM Diamonds and/or certain of its shareholders may have unjustifiably relied on Rule 144(k) of the Securities Act of 1933 ("Securities Act") in conducting an unlawful distribution of its securities that failed to comply with the resale restrictions of Rules 144 and 145 of the Securities Act."
CMKM Diamonds recently announced in a press release that it reinstated its reporting status and that the company would now be able to file required quarterly and annual reports with the SEC. None have been filed so far.
Separately, Canadian securities regulators in the province of Saskatchewan issued an order in November enjoining CMKM Diamonds president and large shareholder, Urban Casavant, and two others from selling CMKM Diamonds shares without proper registration. That order, issued by the Saskatchewan Financial Services Commission, was originally scheduled to expire Nov. 9 but it was extended until the commission receives "satisfactory information."
CMKM Diamonds has been the subject of several Dow Jones Newswires "In The Money" columns that highlighted the company's 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.
-By Carol S. Remond, Dow Jones Newswires; 201-938- 2074; carol.remond@ dowjones.com
Dow Jones Newswires
03-03-05 1122ET
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.
