I guess your refering to this news
there was mention of this June 3
no need for snake oil
Napier International Technologies -
Carlo Civelli required to report
Napier International Technologies NIR
Shares issued 18530248 1998-06-02 close $2.56
Wednesday Jun 3 1998
Michael J. Watson, the acting executive director of the B.C. Securities Commission, has ordered that Carlo Giuseppe Civelli cease trading in the securities of Napier, because it appears that he is an insider of the company, that he has made changes in his ownership of, or control or direction over its securities, and that he has failed to file the required insider reports.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Co-founder Civelli's trading a mysteryÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Napier International Technologiesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ NIR
Shares issued 18,530,248ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jun 5 close $2.45
Fri 5 Jun 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Street Wire
SECRETIVE SWISS FINANCIER NEVER FILED ANY INSIDER REPORTS
by Brent Mudry
Secretive Swiss financier Carlo Civelli hasÿ beenÿ aÿ de-factoÿ insiderÿ in Napierÿ International Technologies since its inception eight years ago, but his share trading appears to be a mystery. Napier's insiderÿ tradingÿ files inÿ the B.C. Securities Commission contain not a single page for Mr Civelli or his main Zurich-based financial company, Clarion Finanz AG. Althoughÿ Mr Civelli'sÿÿ presenceÿÿ inÿ Napierÿ andÿ scoresÿ ofÿ otherÿ Vancouverÿ Stock
Exchange-listed companies is no secret amongst BCSC officials -- he used to visitÿ withÿ Dean Holley -- the latest executive director abruptly targeted the Swiss financier on Wednesday.
BCSC acting executive director Michael Watson issued a cease trading order, citingÿ Mrÿ Civelli'sÿ failure to file insider trading reports. "It appears that he is an insider of the company," states the commission in itsÿ formal notice. Commission staff confirm that Mr Civelli has never filed an insider report for Napier. The timing is unfortunate for Napier, as the companyÿ is currentlyÿ inÿ theÿ midstÿ ofÿ aÿ financingÿ with a European agent to raise $4.5-million in a private placement ofÿ twoÿ millionÿ specialÿ warrantsÿ at $2.25.ÿ Itÿ isÿ notÿ knownÿ if Mr Civelli of Clarion are involved with this unidentified "Europeanÿ financialÿ institution."ÿ Theÿ regulatoryÿ interest comesÿ aÿ monthÿ afterÿ Napierÿ sharesÿ peakedÿ atÿ $4.88, after starting a heavy-volume promotion at the 25-cent level in March.It is unclear what may have prompted the commission's sudden interest in Mr Civelli.ÿ Theÿ Swiss financier co-founded Napier in 1990 with his long-time partner, late promoter Doug McRae and their close associate, geologist Mike Muzylowski.ÿ Theÿ trio, especially Mr McRae and Mr Civelli, were integrally involved with numerous VSE companies for more than a decade before Mr McRae
passedÿ awayÿ inÿ 1994. The McRae-Civelli team made their first big mark in Vancouver with Breakwater Resources in 1981-82.
Napier was launched in April, 1990, exactly a year afterÿ Harryÿ Chewÿ took predecessorÿ Manhattanÿ Resourcesÿ publicÿ inÿ anÿ initial public offering. Napier's initialÿ statementÿ ofÿ materialÿ factsÿ notesÿ thatÿ Mrÿ Civelli,describedÿ asÿ a "director and financial consultant to Clarion since 1980,"servedÿ asÿ Napier'sÿ "vice-presidentÿ ofÿ finance,ÿ Europe,"ÿ althoughÿ he initiallyÿ ownedÿ noÿ shares.ÿ Napier'sÿ initialÿ financing,ÿ a June, 1990,private placement of one million units at 50 cents, included an influential
cross-sectionÿ ofÿ Howe Street. Harry Moll was the biggest investor, buying 300,000 units through his wholly-owned Canada North Capital. Peter Brown of Canaccordÿ Capitalÿ boughtÿ 150,000ÿ units,ÿ followedÿ byÿ John Tognetti of Haywood Securities, Canaccord brokers Trevor Wilson and Keith Anderson, and Civelli-McRae associate Jerry Rubinstein, each with 50,000 units. Napier also soldÿ 4.47ÿ millionÿ sharesÿ atÿ 65ÿ cents,ÿ withÿ noÿ warrants attached,ÿ inÿ August, 1990. This financing was sold to 50 buyers, but BCSC
files include no "form 20" disclosure, so the list of buyers is notÿ known. Theÿ firstÿ recorded offshore financing was in May, 1991, when a small bank based in Basel, Switzerland, Charles Griwa Suisse Branch Spalenberg, bought 150,000ÿ unitsÿ ofÿ Napier at $1.80. BCSC files indicate Mr Civelli's first official private purchase was in January, 1994, when he bought 1.4ÿ million unitsÿ at 15 cents through Clarion Finanz. The financier's holding would be 2.1 million shares, assuming the warrants were exercised, andÿ heÿ wasÿ not fronting for someone else.Mr Civelli's importance to Napier was reinforced in April,ÿ 1994,ÿ whenÿ he receivedÿ 250,000ÿ ofÿ theÿ 350,000ÿ optionsÿ forÿ 15-cent shares issued to employees. These options expire in mid-December. The Swiss financierÿ ended aÿ four-yearÿ hiatusÿ ofÿ his Napier activity this January, just before the stock started to run again. Vancouver promoter Bradÿ Aelicksÿ hadÿ recently comeÿ on board Napier, and bought 150,000 units at 20 cents. Mr Civelli and Mr Muzylowski each gained about 280,000 shares atÿ aÿ deemedÿ valueÿ ofÿ 21cents, in a shares-for-debt settlement. Vancouver law firm Farris, Vaughan,Wills and Murphy, which handledÿ theÿ lengthyÿ legalÿ battleÿ againstÿ Dana Stovicek,ÿ gainedÿ 550,000ÿ shares in this debt settlement. It is not known what arrangement the law firm may have made to sell its shares.One other large share issuance was made just before the stock runÿ started.Napierÿ soldÿ 1.57ÿ million special warrants, consisting of one share and a half-warrant, at 23 cents. The biggest buyerÿ wasÿ Comarÿ Servicesÿ Inc,ÿ a postbox account in Tortola in the secretive offshore enclave of the British Virgin Islands, which bought 855,000ÿ units.ÿ Theÿ otherÿ largeÿ buyerÿ was
Richard Kraniak of West Bloomfield, Michigan, with 615,000 units.
While Mr Civelli's share dealings are a mystery, he conceivably couldÿ have heldÿ 2.65 million shares, acquired at 15 to 21 cents, before this spring's run, assumingÿ noÿ significantÿ priorÿ sales.ÿ Vancouverÿ promoterÿ Bradley Aelicksÿ andÿ Comar,ÿ theÿ offshoreÿ account, were also well-positioned for Napier's run this spring. Eachÿ boughtÿ oneÿ millionÿ unitsÿ inÿ aÿ private placementÿ at ten cents, consisting of one share and a two-year warrant, in
March, 1996. Mr Aelicks was dormant until January, when heÿ boughtÿ 125,000unitsÿ atÿ 20 cents in a private placement. The status of Comar's shares is not known, as it is not a deemed insider.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Napier International Technologies -
Carlo Civelli required to report
Napier International Technologies NIR
Shares issued 18530248 1998-06-02 close $2.56
Wednesday Jun 3 1998
Michael J. Watson, the acting executive director of the B.C. Securities Commission, has ordered that Carlo Giuseppe Civelli cease trading in the securities of Napier, because it appears that he is an insider of the company, that he has made changes in his ownership of, or control or direction over its securities, and that he has failed to file the required insider reports.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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