Peggy and Ross (combined) now own 11.5% (22,801,606) of Century's outstanding shares:
*13,951,700 - shared ownership between PK and RB
*8,262,714 - PK's newly converted shares
*335,346 - additional direct ownership by PK
*251,846 - additional direct ownership by RB
In addition to this 11.5% ownership, they also hold warrants that can be converted to 6,000,000 common shares @ $.75 per share. They also hold more than 2 million options, at various prices.
One would say that PK has plenty of incentives to close off some financing for shareholders, right?
Both Carib and I have provided a number of logical reasons why PK's action to convert her debt holdings to shares were intended to be positive for Century. I don't know how many people realize this but PK paid $.10 to convert each of the 4 million warrants to common shares. This is only 3.5 cents lower than the lowest traded Century shares ($.135) yesterday. Century's volume has been low for a few weeks now, as buyers wait for the financing to close (naturally, PK would have been fully aware of this when she made her debt conversion decision). I took a quick glance at the bids yesterday. It was so bad yesterday that (at the point of my quick glance) only 35,000 volume was on the bid side, for the top 5 bid prices combined. As you can see, it is virtually impossible to sell 8,262,714 shares on the open market right now. If it could be done then it would certainly be well below the $.10 price that PK paid to exercise her 4 million warrants.
This is perhaps the most obvious reason of all that points to PK's debt conversion action as being (intended to be) positive for Century, as I believe it completely rules out any ideas people may have about PK converting her debt now in order sell her shares on the open market (at a huge profit) - you know, 8,262,714 shares cannot fit into a hole that is configured for 35,000 shares.
Saturday, July 11, 2009
Tuesday, July 7, 2009
CMM Insider Exercises Conversion Rights and Warrants
CENTURY MINING INSIDER EXERCISES CONVERSION RIGHTS AND WARRANTS
Blaine, WA: Century Mining Corporation (CMM: TSX-V) announced today that the Company’s Chairperson and CEO Margaret Kent has exercised all conversion rights and warrants associated with the C$200,000 convertible note announced on September 17, 2008. Ms. Kent has also elected to convert all interest accrued on the note into shares of the Company.
Pursuant to the terms of the note, Ms. Kent converted the note into units at $0.05. Each unit consisted of a common share and a common share purchase warrant exercisable at $0.10. The conversion of the principal amount, warrants and interest resulted in the issuance of 8,255,714 shares to Ms. Kent.
Ms. Kent now owns directly and indirectly 15,573,921 shares of the Company, or 7.9% of the total 197,978,400 outstanding shares of Century.
Blaine, WA: Century Mining Corporation (CMM: TSX-V) announced today that the Company’s Chairperson and CEO Margaret Kent has exercised all conversion rights and warrants associated with the C$200,000 convertible note announced on September 17, 2008. Ms. Kent has also elected to convert all interest accrued on the note into shares of the Company.
Pursuant to the terms of the note, Ms. Kent converted the note into units at $0.05. Each unit consisted of a common share and a common share purchase warrant exercisable at $0.10. The conversion of the principal amount, warrants and interest resulted in the issuance of 8,255,714 shares to Ms. Kent.
Ms. Kent now owns directly and indirectly 15,573,921 shares of the Company, or 7.9% of the total 197,978,400 outstanding shares of Century.
Monday, July 6, 2009
CMM Settles Law Suit Surrounding "Poderosa"
Century Mining Settles Law Suit Surrounding "Poderosa"
- Century receives cash payment and shares of Poderosa as settlement -
BLAINE, WA, July 6 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it has settled a lawsuit in Peru that the Company had brought against Corporacion Minera San Manuel S.A., Compania Minera Atacocha S.A.A. and Monica Patricia Arias Vargas de Ucelli, Veronica Rocio Arias Vargas de Gamero, White Peak Resources Inc. and Koriarias Inc. regarding the binding agreement signed for the sale of shares to Century of Compania Minera Poderosa S.A.
As part of the settlement announced today, Century will receive 260,868 common shares of Poderosa, which have been held in trust since a Letter of Intent was signed by both parties in 2006. In addition to the shares of Poderosa, Century will receive a cash payment in the amount of US$300,000. Today's announcement brings to an end all litigation concerning the "Poderosa" deal.
The law suit Century filed in Peru was the result of what Century understood was a violation of a binding agreement between Century and the selling group of Poderosa. In 2006, Century and the selling group entered into an agreement whereby Century would purchase approximately 38% of the shares of Poderosa from the selling group. This agreement expired on November 17, 2006 and on November 22, Century was advised that the selling group sold their shares to a third party.
Margaret Kent, President and CEO of Century commented, "Our main focus now is closing a project financing for the Lamaque Mine and bringing it into production. Although litigation is sometimes necessary for the purpose of protecting the interests of shareholders, the process can require significant allocation of management's time and other resources. We are pleased have this matter resolved."
- Century receives cash payment and shares of Poderosa as settlement -
BLAINE, WA, July 6 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it has settled a lawsuit in Peru that the Company had brought against Corporacion Minera San Manuel S.A., Compania Minera Atacocha S.A.A. and Monica Patricia Arias Vargas de Ucelli, Veronica Rocio Arias Vargas de Gamero, White Peak Resources Inc. and Koriarias Inc. regarding the binding agreement signed for the sale of shares to Century of Compania Minera Poderosa S.A.
As part of the settlement announced today, Century will receive 260,868 common shares of Poderosa, which have been held in trust since a Letter of Intent was signed by both parties in 2006. In addition to the shares of Poderosa, Century will receive a cash payment in the amount of US$300,000. Today's announcement brings to an end all litigation concerning the "Poderosa" deal.
The law suit Century filed in Peru was the result of what Century understood was a violation of a binding agreement between Century and the selling group of Poderosa. In 2006, Century and the selling group entered into an agreement whereby Century would purchase approximately 38% of the shares of Poderosa from the selling group. This agreement expired on November 17, 2006 and on November 22, Century was advised that the selling group sold their shares to a third party.
Margaret Kent, President and CEO of Century commented, "Our main focus now is closing a project financing for the Lamaque Mine and bringing it into production. Although litigation is sometimes necessary for the purpose of protecting the interests of shareholders, the process can require significant allocation of management's time and other resources. We are pleased have this matter resolved."
Monday, June 29, 2009
The previously announced "shares for debt" offer to creditors accepted by TSX Venture
This was from today's TSX Venture bulletin:
CENTURY MINING CORPORATION ("CMM")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: June 29, 2009
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 5,265,472 shares at deemed value of $0.25 per share to settle outstanding debt for $1,316,368.10.
Number of Creditors: 39 Creditors
The Company shall issue a news release when the shares are issued and the debt extinguished.
TSX-X
CENTURY MINING CORPORATION ("CMM")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: June 29, 2009
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 5,265,472 shares at deemed value of $0.25 per share to settle outstanding debt for $1,316,368.10.
Number of Creditors: 39 Creditors
The Company shall issue a news release when the shares are issued and the debt extinguished.
TSX-X
Friday, June 26, 2009
AGM Concluded
Century Mining Concludes Annual Meeting Of Shareholders
BLAINE, WA, June 26 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it concluded its Annual and Special Meeting of Shareholders held on June 24, 2009. At the meeting, all resolutions were approved by shareholders of the Company.
Elected to the Board of Directors were Allen V. Ambrose, Ross F. Burns, Margaret M. Kent, William J.V. Sheridan and Ricardo M. Campoy.
Century has 184,457,214 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan a maximum of 18,445,721 shares are available to be issued pursuant to the exercise of options at this time. Subject to the approval of the TSX Venture Exchange, the Company approved the issue of 500,000 stock options to directors of Century. The stock options are exercisable into common shares of Century at an exercise price of C$0.18 per share for a period of five years. Century's common shares closed at C$0.16 on the TSX Venture Exchange on June 23, 2009. Including this grant of 500,000 options, a total of 7,029,750 shares have been reserved for issuance pursuant to outstanding option grants. A further 11,415,971 shares are available for issuance pursuant to future option grants at this time.
BLAINE, WA, June 26 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it concluded its Annual and Special Meeting of Shareholders held on June 24, 2009. At the meeting, all resolutions were approved by shareholders of the Company.
Elected to the Board of Directors were Allen V. Ambrose, Ross F. Burns, Margaret M. Kent, William J.V. Sheridan and Ricardo M. Campoy.
Century has 184,457,214 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan a maximum of 18,445,721 shares are available to be issued pursuant to the exercise of options at this time. Subject to the approval of the TSX Venture Exchange, the Company approved the issue of 500,000 stock options to directors of Century. The stock options are exercisable into common shares of Century at an exercise price of C$0.18 per share for a period of five years. Century's common shares closed at C$0.16 on the TSX Venture Exchange on June 23, 2009. Including this grant of 500,000 options, a total of 7,029,750 shares have been reserved for issuance pursuant to outstanding option grants. A further 11,415,971 shares are available for issuance pursuant to future option grants at this time.
Wednesday, June 24, 2009
Tuesday, June 23, 2009
Growing bulk mining potential at Lamaque
As we know, high grade zones / bulk mining zones are substantially cheaper to mine.
Bulk Mining potential at Lamaque (both mid-term and long-term potential):
1) April 6’09 NR – discovery of 3 completely separate new zones with bulk mining potential, located at points between the surface and 2,000 feet down. ‘Of more significance, is that some of these holes are step outs of over 300 feet from the main mine areas. There is a high probability that the ore extends from the main mine workings to these newly modeled intersections.’
Zone 1) – drill hole#1243 – 4.6 meters true thickness @ 30.2 g/t gold
- drill hole #369 – 10.6 meters true thickness @ 22.0 g/t gold
- drill hole #10875 – 1.7 meters true thickness @ 37.3 g/t gold
Zone 2) – drill hole #1676 - 3.0 meters true thickness @ 29.1 g/t gold
Zone 3) – drill hole#9251 – 4.2 meters true thickness @ 23.5 g/t gold
– drill hole#9477 – 7.2 meters true thickness @ 8.5 g/t gold
2) June 23’09 NR (today) – located between 2,000 and 2,600 feet below the surface (231,333 ounces of M&I and 12,938 Inferred ounces added)
*drill hole #5729 – 15.6 meters true length @ 27.3 g/t gold – “a diamond drill hole within a dyke structure containing 51 true vertical feet grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne”
*drill hole #6414 – 9.0 meters true length @ 7.8 g/t gold
*drill hole #9391 – 7.5 meters true length @ 20.2 g/t gold
*drill hole #12257 – 6.3 meters true length @ 9.5 g/t gold
*drill hole #15021 – 14.1 meters true length @ 7.0 g/t gold
*drill hole #15581 – 18.2 meters true length @ 6.9 g/t gold
*drill hole #16539 – 10.6 meters true length @ 9.2 g/t gold
*drill hole #16542 – 21.6 meters true length @ 4.2 g/t gold
3) February 24’09 NR - “These newly defined dyke and shear structures indicate the presence of large virgin ore zones, which may be bulk mined within 2,000 feet of surface.” – located at 1000 to 2000 ft below the surface
The NR included 428,357 new M&I ounces and 285,452 new Inferred ounces. It is not likely that all of the new resources on this particular NR have bulk mining potential, but some of the ounces should have strong potential. Here are some drill results from this NR that certainly looks to have bulk mining potential:
*drill hole #16178 – 21.9 meters true length @ 8.3 g/t gold
*drill hole #16179 – 14.1 meters true length @ 10.5 g/t gold
*drill hole #14580 – 27.6 meters true length @ 9.0 g/t gold
*drill hole #16028 – 12.3 meters true length @ 3.8 g/t gold
*drill hole #14027 – 9.1 meters true length @ 5.5 g/t gold
4) Teck Cominco (“Teck”) had significant success in generating significant ounces from the Lamaque plugs in the past, via bulk mining methods. Those plugs still have ounces with bulk mineable potential at depth. Century has estimated that there are still approximately 2 million bulk mineable ounces still remaining in those Lamaque plugs (per the March 2009 Corporate Presentation):
*West Plug – bulk mineable ounces located 2800 to 5500 ft below surface
*Lamaque Main Plug – bulk mineable ounces located 4000 to 6000 ft below surface
In addition, the Bedard Dyke (separate from all of the areas listed above) appears to have at least 3 large high grade zones. The Bedard Dyke appears to start at the surface and go down to about 1000 ft. Some holes were drilled in 2005 with excellent results. Some near surface areas (attaching to the pit) were actually mined, which provided the company with additional important data. The company will be performing intense drilling on the Bedard Dyke in 2009.
Bulk Mining potential at Lamaque (both mid-term and long-term potential):
1) April 6’09 NR – discovery of 3 completely separate new zones with bulk mining potential, located at points between the surface and 2,000 feet down. ‘Of more significance, is that some of these holes are step outs of over 300 feet from the main mine areas. There is a high probability that the ore extends from the main mine workings to these newly modeled intersections.’
Zone 1) – drill hole#1243 – 4.6 meters true thickness @ 30.2 g/t gold
- drill hole #369 – 10.6 meters true thickness @ 22.0 g/t gold
- drill hole #10875 – 1.7 meters true thickness @ 37.3 g/t gold
Zone 2) – drill hole #1676 - 3.0 meters true thickness @ 29.1 g/t gold
Zone 3) – drill hole#9251 – 4.2 meters true thickness @ 23.5 g/t gold
– drill hole#9477 – 7.2 meters true thickness @ 8.5 g/t gold
2) June 23’09 NR (today) – located between 2,000 and 2,600 feet below the surface (231,333 ounces of M&I and 12,938 Inferred ounces added)
*drill hole #5729 – 15.6 meters true length @ 27.3 g/t gold – “a diamond drill hole within a dyke structure containing 51 true vertical feet grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne”
*drill hole #6414 – 9.0 meters true length @ 7.8 g/t gold
*drill hole #9391 – 7.5 meters true length @ 20.2 g/t gold
*drill hole #12257 – 6.3 meters true length @ 9.5 g/t gold
*drill hole #15021 – 14.1 meters true length @ 7.0 g/t gold
*drill hole #15581 – 18.2 meters true length @ 6.9 g/t gold
*drill hole #16539 – 10.6 meters true length @ 9.2 g/t gold
*drill hole #16542 – 21.6 meters true length @ 4.2 g/t gold
3) February 24’09 NR - “These newly defined dyke and shear structures indicate the presence of large virgin ore zones, which may be bulk mined within 2,000 feet of surface.” – located at 1000 to 2000 ft below the surface
The NR included 428,357 new M&I ounces and 285,452 new Inferred ounces. It is not likely that all of the new resources on this particular NR have bulk mining potential, but some of the ounces should have strong potential. Here are some drill results from this NR that certainly looks to have bulk mining potential:
*drill hole #16178 – 21.9 meters true length @ 8.3 g/t gold
*drill hole #16179 – 14.1 meters true length @ 10.5 g/t gold
*drill hole #14580 – 27.6 meters true length @ 9.0 g/t gold
*drill hole #16028 – 12.3 meters true length @ 3.8 g/t gold
*drill hole #14027 – 9.1 meters true length @ 5.5 g/t gold
4) Teck Cominco (“Teck”) had significant success in generating significant ounces from the Lamaque plugs in the past, via bulk mining methods. Those plugs still have ounces with bulk mineable potential at depth. Century has estimated that there are still approximately 2 million bulk mineable ounces still remaining in those Lamaque plugs (per the March 2009 Corporate Presentation):
*West Plug – bulk mineable ounces located 2800 to 5500 ft below surface
*Lamaque Main Plug – bulk mineable ounces located 4000 to 6000 ft below surface
In addition, the Bedard Dyke (separate from all of the areas listed above) appears to have at least 3 large high grade zones. The Bedard Dyke appears to start at the surface and go down to about 1000 ft. Some holes were drilled in 2005 with excellent results. Some near surface areas (attaching to the pit) were actually mined, which provided the company with additional important data. The company will be performing intense drilling on the Bedard Dyke in 2009.
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