Wednesday, November 10, 2010

TSX-V accepts 1st part of financing

CENTURY MINING CORPORATION ("CMM")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: November 10, 2010
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect toa Non-Brokered Private Placement announced November 8, 2010:

Number of Shares: 3,846,154 shares

Purchase Price: $0.39 per share

Warrants: 1,923,077 share purchase warrants to purchase 1,923,077 shares

Warrant Exercise Price: $0.60 for an eighteen-month period

Number of Placees: 1 placee

Finder's Fee: $90,000 cash payable to Carlton
Lead Incorporated (Irina Artemova)

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company mustissue a news release announcing the closing of the private placement andsetting out the expiry dates of the hold period(s). The Company must alsoissue a news release if the private placement does not close promptly. Notethat in certain circumstances the Exchange may later extend the expiry dateof the warrants, if they are less than the maximum permitted term.

7 comments:

production05 said...

Is the finder`s fee Irina Artemova the same as the Irina on the internet heading I found (below)?

If so, and if the wedding heading (below) is correct then perhaps the $.39 placement is to someone affiliated (either closely or distant) with Finskiy and Scola.

Fyi, there is nothing to view on the wedding channel website. You need a password.

``IRINA ARTEMOVA and FRAN SCOLA Wedding - Wedding Channel Profile``

http://registry.weddingchannel.com/coupledir/20108/A/R316979531/IRINA_ARTEMOVA_AND_FRAN_SCOLA.htm

Jimmy said...

WTF that's super sketchy if its someone related to either of those two.

This isnt shady Russia this shouldnt happen

relic said...

Thats quite the wedding present

"Wedding Date
The wedding will take place on August 12, 2010."

production05 said...

If Scola and Finskiy are still bringing their friends into Century one would think that they are confident of Lamaque working out alright. Who would bring their friends/affiliates/associates into something that they didn`t believe will succeed.

Another point is that these shares are likely going into hands that will hold them for a while. This is good for the mid-term share price sustainability. We don`t want investors with large number of shares (and just interested in the free warrants, like many of the Canadian institutions that invest in small cap Canadian companies.

Aside from the Peggy issues, one of the key reasons we continually had to finance at such low share price levels over the years is the market damage that was done by RAB, Endeavour, Wega and Canaccord. They were all brutal and merciless the way they hammered their large amounts of shares into the open market.

Century`s share price will eventually take off again. The less shares we have being dumped into the market then the better. If these new investors are planning to hold their large amounts of shares tightly (and not stifle the share price revaluation one we begin to move) then I am ok with these financings.

Anonymous said...

I don't like this. This looks to me like a Finiski & Co. are going to take over the company. Or sell it to some of his Russian friends for cheap.

If Century needed the money why not Finiski exercise the warrants? Why did he have to dilute the shares... so he and his friends can own more than 50% of the company.

No Canadian institution is going to come and back up CMM now.

I think the small retail investors should get together and sue CMM.

Or reinstate the shareholder's rights plan.

P5 could you give us your honest opinion?

Carib said...

It's clear to me now that the Placee for the $1.5 million part of the private placement is Fran Scola and the finder's fee was paid to his wife. That's why the news release for the PP didn't say that Finisky/Scola had no objection to the PP. I don't have an issue with this part of the PP.

I also believe that the other part of the financing for $2.5 million hasn't closed because the Canadian placee(s) are still selling the shares that they own for 42 - 45 cents so that they can replace them with new 45-cent shares that will give them a huge tax break. It's a no-lose situation for them.

I really can't understand why we are doing a flowthrough PP at this time. Why not wait until the share price is much higher when we prove how profitable our existing ounces are? We have all the gold we need for the next 10 years and finding more now is not going to have much impact on the share price. Unnecessary PP's simply devalue the shares we already own.

As for the conspiracy theory comments about a Russian takeover, with every new PP, Finisky's share of the company decreases. Scola is American.

Finisky cannot be forced to exercise his warrants and we are fortunate that he has exercised as many as he has. He could have demanded his own PP instead which, if he had plans for a Russian takeover, would be the natural thing to do. We are extremely fortunate to have him as our chief financial backer.

Anonymous said...

JUST A funny, Tam needs money for start up.

Peter