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Post by Franko10 ™ on Nov 6, 2005 14:09:57 GMT -5
Friday, October 28, 2005
Diamond company gives up appeal of cease-trade order
By Barry Glass
A former Prince Albert resident who set his sights on diamond exploration is now looking for ways to wind up his business.
CMKM Diamonds, Inc. is based in Las Vegas, Nev., but is run by Urban Casavant. The company’s website says Casavant is from Prince Albert, where he once worked as a prison guard and ran a U-Haul business.
The company was traded on what’s called the Pink Sheets market in the United States and ran afoul of financial reporting regulations earlier this year. Its shares were temporarily suspended from trading due to lack of filing required reports.
The judge in a hearing held to deal with the suspension concluded the registration of the shares of CMKM should be revoked.
Shares of companies must be registered with the Securities and Exchange Commission — the stock market regulator in the United States — in order to be publicly traded.
CMKM had asked for an appeal, but last Friday lawyers acting for the company filed a notice withdrawing that request.
Neither Casavant nor a spokesman for CMKM could be reached.
The day before CMKM withdrew its appeal, Vancouver-based Entourage Mining Ltd. issued a release saying it had acquired CMKM’s 36 per cent interest in some diamond claims covering about 200,000 hectares in the Fort a la Corne area 70 kilometres east of Prince Albert.
The release also said Entourage made an agreement with a numbered company, 101047025 Saskatchewan Ltd., to acquire an 80 per cent interest in other diamond claims in the area covering more than 400,000 hectares.
Those claims were previously the subject of an agreement between the numbered company and CMKM in 2003, says the release.
In documents filed with the securities and exchange commission, CMKM said it is in default under an agreement with another company, United Carina Resources Corp., regarding exploration of claims near Hatchet Lake for uranium.
Hatchet Lake is 600 kilometres northeast of Prince Albert.
The same day as the diamond deals were made, CMKM assigned its 50 per cent interest in United Carina’s claims in the Hatchet Lake area of Canada to Entourage.
In total, Entourage agreed to issue 50 million shares of its common stock to CMKM in exchange for the property interests.
“We cut a straight-up deal,” Gregory Kennedy, president of Entourage, said in a telephone interview.
Kennedy said he has known Casavant for many years but that the transactions were done at arm’s length.
“We think these properties have a lot of merit.”
Other documents filed with the commission by CMKM say Casavant will remain the sole officer and director until the company’s affairs are wound up.
The filings also say, as a result of health concerns, Casavant intends to resign as the sole officer and director as soon as all shares of Entourage and other assets of CMKM have been properly disbursed to its stockholders.
A future release or security exchange commission filing will provide information about the procedures for the distribution of Entourage shares, say the documents.
CMKM, Casavant and other company officials were also hit with a cease trade order in 2004 by the Saskatchewan Financial Services Commission.
That order was issued because the the parties were selling securities in Saskatchewan without being registered to do so, trading securities without filing a prospectus and making misrepresentations about securities, said the SFSC.
www.paherald.sk.ca/news.aspx?storyID=42171
Diamond company gives up appeal of cease-trade order
By Barry Glass
A former Prince Albert resident who set his sights on diamond exploration is now looking for ways to wind up his business.
CMKM Diamonds, Inc. is based in Las Vegas, Nev., but is run by Urban Casavant. The company’s website says Casavant is from Prince Albert, where he once worked as a prison guard and ran a U-Haul business.
The company was traded on what’s called the Pink Sheets market in the United States and ran afoul of financial reporting regulations earlier this year. Its shares were temporarily suspended from trading due to lack of filing required reports.
The judge in a hearing held to deal with the suspension concluded the registration of the shares of CMKM should be revoked.
Shares of companies must be registered with the Securities and Exchange Commission — the stock market regulator in the United States — in order to be publicly traded.
CMKM had asked for an appeal, but last Friday lawyers acting for the company filed a notice withdrawing that request.
Neither Casavant nor a spokesman for CMKM could be reached.
The day before CMKM withdrew its appeal, Vancouver-based Entourage Mining Ltd. issued a release saying it had acquired CMKM’s 36 per cent interest in some diamond claims covering about 200,000 hectares in the Fort a la Corne area 70 kilometres east of Prince Albert.
The release also said Entourage made an agreement with a numbered company, 101047025 Saskatchewan Ltd., to acquire an 80 per cent interest in other diamond claims in the area covering more than 400,000 hectares.
Those claims were previously the subject of an agreement between the numbered company and CMKM in 2003, says the release.
In documents filed with the securities and exchange commission, CMKM said it is in default under an agreement with another company, United Carina Resources Corp., regarding exploration of claims near Hatchet Lake for uranium.
Hatchet Lake is 600 kilometres northeast of Prince Albert.
The same day as the diamond deals were made, CMKM assigned its 50 per cent interest in United Carina’s claims in the Hatchet Lake area of Canada to Entourage.
In total, Entourage agreed to issue 50 million shares of its common stock to CMKM in exchange for the property interests.
“We cut a straight-up deal,” Gregory Kennedy, president of Entourage, said in a telephone interview.
Kennedy said he has known Casavant for many years but that the transactions were done at arm’s length.
“We think these properties have a lot of merit.”
Other documents filed with the commission by CMKM say Casavant will remain the sole officer and director until the company’s affairs are wound up.
The filings also say, as a result of health concerns, Casavant intends to resign as the sole officer and director as soon as all shares of Entourage and other assets of CMKM have been properly disbursed to its stockholders.
A future release or security exchange commission filing will provide information about the procedures for the distribution of Entourage shares, say the documents.
CMKM, Casavant and other company officials were also hit with a cease trade order in 2004 by the Saskatchewan Financial Services Commission.
That order was issued because the the parties were selling securities in Saskatchewan without being registered to do so, trading securities without filing a prospectus and making misrepresentations about securities, said the SFSC.
www.paherald.sk.ca/news.aspx?storyID=42171
