SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : The Real Micro-penny- Less then one penny!!
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Brad Morris who wrote (95)6/26/1998 1:21:00 PM
From: Wayne Rumball  Read Replies (1) of 906
 
Here's a summary from YAHOO board;

Very briefly:
1. In early 1997 CMYN had about 13 million common shares outstanding...no preferred. Amyn Dahya
and his extended family owned about 4.6 million of above. Stock price = $7-9.
2. CMYN needed $$$ to expand capacity of Zimbabwe Au mines, primarily Turk Mine.
3. Au price went to hell, junior gold cos. couldn't raise $$$,
(Bre-X had just happened).
4. CMYN went for the conv. pref. deal and raised about $30 million.....not understanding "death spiral"
conv. prefs. (did anyone at that time???). Who could imagine a drop from $9 to 1/64
because of stock dilution.
5. CORRECTION: Amyn did not GO ALONG with dilution (we don't know of any hostile takeover, do
we???), he was blindsided by the dilution from the conv. pref. (as far as anyone knows, he and family own
only COMMON STOCK).

Finally, to your question #2....there is no done deal....not yet.
Amyn is still the CEO, the conv. prefs. are still out about $25 million, but as of today, they do not have one
stinking vote in CMYN (unless they are also holding common).

CMYN had 13 million common shares in early 1997, currently there are about 140-180 million
outstanding (who knows, who cares, who's counting???). Company can only issue at total of 300 million
unless shareholders vote to increase the float. To convert all remaining conv. pref. to common at a
conversion price of 1/32-1/64 would have to put the total CMYN common float well in excess of ONE
BILLION SHARES!!!.....jm
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News