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11/12/10

Century Mining (CMM.v): "Fully Funded" my ass

Righty-ho boys and girls, follow the bouncing ball as we review the 2010 news releases from Century Mining (CMM.v), the latest Peggy Witte BS scheme to benefit insiders and leave the pungent tangy aroma of KY Jelly amongst retail shareholders. 

We start with this NR dated January 4th 2010 that kicked off as follows:
Century Mining Fully Funded and Reopens Lamaque Gold Project 
BLAINE, WASHINGTON - (Marketwire - Jan. 4, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to report that the previously announced debt and equity financings totaling CDN$60.75 million have all been completed. These funds will provide the necessary capital for the continued exploration, development and reopening of the Company's Lamaque project in Val d'Or, Quebec, enable repayment of the Company's previous debt, and provide the Company with substantial working capital. Included in the funding is a US$33 million prepaid gold forward facility with Deutsche Bank AG. Simultaneously, Century has completed a CDN$17 million private placement yada yada continues here.

"Fully funded", eh? Now this humble corner of cyberspace understands something pretty specific about that two word phrase, but it doesn't seem to mean the same thing to the BS artists that run CMM.v. Here's a list of NRs since that Jan 4th special.

  • On March 11th, CMM paid down $1m in debt, but not with the funds as mentioned above. Instead it added 3.57m shares to the S/O dilution pot (and 250k warrants to boot).
  • On June 28th, CMM added two extra debt lines to the tune of $9m in order to buy plant and equipment... darnit Peggy, weren't you already fully funded for that kind of thing?
  • On September 15th, CMM runs a $5m placement, adding 12.82m units (a share and a half warrant) at 39c to the share structure.
  • On September 17th, CMM runs a $1.2m placement, adding 3.08m units (a share and a half warrant) at 39c to the share structure.
  • On November 9th, CMM runs a $4m placement (combo PP and flow through) that adds 8.4m shares and 4.2m warrants to the share structure.
  • On November 12th (i.e. today), CMM runs a $5m placement, adding another 12.82m units (a share and a half warrant) at 39c to the share structure, the same price as two months ago.

So since announcing that it was "fully funded", CMM has added $8m in debt to the balance sheets and 59.5m shares to its structure by way of financings. Beginning to notice a pattern yet? By the way, any resemblance to Metanor (MTO.v) is purely coincidental.

Century Mining (CMM.v): Just another legalized scam on which we call bullshit. DYODD, dude.