Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

3 Pages (Click to Jump) V   1 2 3 >   
 
  
Reply to this topic

CMY, CAPITAL MINING LIMITED
blacksheep
post Posted: May 20 2018, 02:50 PM
  Quote Post


Posts: 5,822
Thanks: 2147


In Reply To: blacksheep's post @ Jul 6 2017, 02:08 PM

Not surprised to see last week's announcement from this company - Appointment of Voluntary Administrators.

Made this post below in June last year. Shocked that so many continued holding this stock all the way into VA. From what I read on HC, some lost $20 - $60 K.

QUOTE
WOW - just read their response to the ASX Appendix 5B Query, in relation to the payments for exploration and evaluation; and administration and corporate costs disclosed in Appendices 5B for the period between 31 March 2016 and 31 March 2017.

$3 mil spent on administration and corporate costs 9 months YTD, and $641k on exploration & development. Get a load of those "consulting fees"

http://www.asx.com.au/asxpdf/20170706/pdf/43kgkgpkfy9y0w.pdf

Had a look at their last quarterly and they seem to be into everything that's currently "hot" - lithium, cobalt and more recently medicinal cannabis.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Oct 6 2017, 02:59 AM
  Quote Post


Posts: 5,735
Thanks: 2083


QUOTE
exploration minnow Capital Mining has fired back at queries raised by the ASX, saying the exchange's probe into its finances are outside the scope of its original inquiry.

The Perth-based explorer has been suspended from trading on the stock exchange since August 14 and is under the ASX's spotlight regarding the remuneration of its directors and consultancy payments made to venture capital firm Chapmans.

Over the past four quarters the directors received a total of $4 million in directors fees, which included $2.1 million worth of payments to Chapmans, which is also listed on the ASX. These fees were slashed by 50 per cent in July following an initial probe by the ASX.

In the June quarter, Capital Mining spent $175,000 on exploration and a sizeable $637,000 in administration and corporate costs.

The company, market cap $4 million, has since hurriedly rearranged director remuneration to non-executive directors Peter Torney, a former stockbroker, and corporate advisers Peter Dykes and Anthony Dunlop.

Mr Dykes and Mr Dunlop, in addition to being Capital Mining directors, are also directors of Chapmans.

On September 6 the ASX requested a breakdown of the company's exploration and administration costs, questioning who approved the consulting arrangement and whether there were appropriate steps taken to keep the consultancy agreement "on arms' length terms".

In documents filed to the ASX three weeks after the deadline, Capital Mining replied: "This is a matter in relation to the internal processes of Capital Mining and does not consider that this request is within the scope of ASX's enquiry."

The company then states Mr Torney was an appropriate person to approve the deal, thanks to 14 years of financial services industry experience.

The ASX also asked Capital Mining to reveal whether any other consultants, other than Chapmans, had relationships with the directors. It turns out LT Consulting and GT Consulting, which provided $32,000 worth of work during the September quarter of 2016, are managed by Peter Torney's brother.

And Jake Torney, who provided office administration support worth $11,000, is Peter Torney's son.

Three days before the company's response to the ASX, Capital Mining announced it had terminated its dealings with Chapmans and had rearranged the board.

Mr Torney has terminated his consultancy agreement with the company but will stay on as a non-executive director. Mr Dunlop will stay on as a non-executive director, but Mr Dykes has ended his consultancy agreement and directorship and appears set to leave the business entirely.

Following Capital Mining's revelations to the ASX this week, Chapmans has announced a one-for-two rights issue to shareholders in a bid to drum up capital to use "in respect of new investment which have not been identified as at the date of this document".

Capital Mining, the shares of which remain frozen at 0.5¢, has morphed from a gold and rare earths explorer. It ventured into the medical marijuana industry in 2015 and now bills itself as a junior explorer again, holding cobalt and lithium assets in Western Australia and the Republic or Ireland.

Read more: http://www.afr.com/business/mining/capital...9#ixzz4ueahWB9Q
- just as well this doesn't happen too often though ;-)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: cyprus  
 
blacksheep
post Posted: Aug 18 2017, 01:26 PM
  Quote Post


Posts: 5,822
Thanks: 2147


In Reply To: blacksheep's post @ Jul 11 2017, 11:57 PM

All sounds a little "potty" to me - will the "weed" be a killer or will it be on a "high" when it's voluntary suspension is concluded icon14.gif Stay tuned rolleyes.gif

QUOTE
The reason Capital Mining has been in a trading halt for a week has nothing to do with mining and everything to do with drugs.

Capital (ASX:CMY) is planning to announce, on or before August 24, what’s going on with its subsidiary Capital Cannabis.

The company has been contacted to explain why it went hard on cannabis in 2015.

Capital Mining was a gold and rare earths explorer until about September 2014, when it began making a rather diverse range of investments.

The following month Capital Mining signed a deal to buy 10 per cent of Chinese cloud-learning platform HexStudy for $5.7 million, with an option over another 20 per cent for $14.3 million within the following 12 months.

That fell through in February 2015. The minerals explorer “was unable to complete satisfactory due diligence on the acquisition”.

The very next month Capital Mining went into medical marijuana, making offers to buy 49 per cent of Canadian grower broken Coast Cannabis; all of Cannan Growers; all of US hemp products company Nutrawerx; and in April the Tasmanian company Cannabinoid Extracts Australia.

The company conceded in March 2015 that its foray was “a significant change in the nature and scale” of its activities.

You can’t say the directors at the time, Robert McCauley, James Ellingford and Peter Torney, didn’t fully commit to the new strategy.

Unfortunately, the strategy soon began to unravel.

All the deals were cancelled by July 2015.

“Capital will now continue with its core business of being an exploration company,” the company told the market.

Intriguingly, the same month these deals hit the rubbish heap, Capital Mining received a major investment from Chapmans, which donated two of the three current directors, Anthony Dunlop and Peter Dykes.

Chapmans invests in small companies it thinks will provide big returns. This year Chapmans has been going deep into – you guessed it – cannabis companies.

Capital then, for all intents and purposes, returned to the business its name suggested.

But the weed business was not over.

In September 2016 Capital Mining called in debts from Broken Coast Cannabis.

As part of the acquisition, it loaned the Canadians $500,000 — but demanded it back when they decided not to go through with the deal.

The pot company didn’t pay.

Mediation ensued and this year an agreement was reached: a $250,000 payment and the right to take the rest as an investment in Broken Coast Cannabis.

Capital Mining set up Capital Cannabis, its new marijuana arm.

In May “Capital also met with a number of other medicinal cannabis companies in North America in relation to potential investment opportunities for Capital subsidiary company, Capital Cannabis, in the medicinal cannabis sector,” the company said.

“Capital advises that it will… ensure that any medicinal cannabis opportunity pursued by Capital Cannabis is structured in the most appropriate way… to ensure its corporate and operational success and that the core minerals exploration focus of Capital Mining remains unaffected.”

Capital Mining now has a big update due for Capital Cannabis.

We wait with baited breathe to find out whether this time around, it will be the killer weed they’re looking for. Or whether once again it’s just tea leaves and dried coriander wrapped in tin foil.

Capital Mining had no earnings in the June quarter but burned through $1.3 million, leaving $1.6 million in the bank.

Its shares last traded near the bottom of its 52-week range of 0.4c to 4c. The company’s market value is a little over $4 million.

ps://stockhead.com.au/health/strung-out-capital-shareholders-anxiously-await-marijuana-update/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
cookdagoose
post Posted: Jul 17 2017, 01:38 PM
  Quote Post


Posts: 4


In Reply To: Marana's post @ Jul 12 2017, 11:32 AM

Well said

 
cookdagoose
post Posted: Jul 17 2017, 01:37 PM
  Quote Post


Posts: 4


Invested be aware, please cross ref, cmy..chp.
.rfn. Same directors same story avoid like the plague

 
cookdagoose
post Posted: Jul 17 2017, 01:34 PM
  Quote Post


Posts: 4


In Reply To: cookdagoose's post @ Jul 17 2017, 01:34 PM

Should be cmy my bad

 


cookdagoose
post Posted: Jul 17 2017, 01:34 PM
  Quote Post


Posts: 4


In Reply To: blacksheep's post @ Jul 13 2017, 12:46 PM

I was suspended by hot copper as CMG lawyers threatened then as I was telling truth about these directors and there company bleeding funds. Cross reference cup and rfn same directors same story zuckin them dry too, now you can see how dkykes can afford poker in Vegas. Be careful wat and how u say posts. Hot coper got that rattled they removed whole thread and suspended me. Invested be aware

 
blacksheep
post Posted: Jul 13 2017, 12:46 PM
  Quote Post


Posts: 5,822
Thanks: 2147


In Reply To: Marana's post @ Jul 12 2017, 11:32 AM

RESPONSE TO MEDIA ARTICLES

QUOTE
Capital Mining Limited (ASX: CMY) (“Capital” or “the Company”) acknowledges the
recent media articles in relation to the Company and provides the following comments.
The article published by The Sydney Morning Herald erroneously classifies payments to
Chapmans Limited as directors’ fees. Both Mr Dykes and Mr Dunlop are directors of ASX
listed company, Chapmans Limited and all payments have been disclosed in Capital’s
financial statements. The Australian Financial Review incorrectly states the total
director’s fees.

The Directors of the Company reiterate that they have at all times complied with their
obligations relating to continuous disclosure, including the remuneration disclosures in
the Company’s annual report. The remuneration report was most recently approved by
shareholders at the 2016 AGM with 84% of votes in favour.

Notwithstanding this remuneration disclosures and shareholder approval, the directors
have elected to reduce their fees by to 50%, as announced on 7 July 2017
.

Capital has continued to inform the market of its efforts to review opportunities in the
cannabis section, via its subsidiary company Capital Cannabis Limited. Despite The
Sydney Morning Herald’s comment that ‘no such opportunities had appeared yet’, the
Company is making strong progress and is confident that it will finalise a potentially high
value opportunity in the cannabis sector in the near future.

Mr Torney and Mr Dunlop are currently in the USA on business, related to these
acquisition opportunities. Mr Dykes is also in the USA, on vacation at his own expense.

The Directors of Capital reserve their rights against publishers of inaccurate and
misleading information in relation to the Company.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
Marana
post Posted: Jul 12 2017, 11:32 AM
  Quote Post


Posts: 269
Thanks: 12


In Reply To: blacksheep's post @ Jul 11 2017, 11:57 PM

About time. The history is.... ohmy.gif



--------------------


 
blacksheep
post Posted: Jul 11 2017, 11:57 PM
  Quote Post


Posts: 5,822
Thanks: 2147


In Reply To: blacksheep's post @ Jul 6 2017, 02:08 PM

ASX probes Perth explorer Capital Mining's fat cat payments lmaosmiley.gif
JULY 11 2017 - 11:00PM

QUOTE
Three directors of Perth-based exploration minnow Capital Mining have been forced to hurriedly rearrange their remuneration structure after the Australian Securities Exchange inquired into discrepancies in the company's expenditure.

The ASX has forced non-executive directors Peter Torney, a former stockbroker, and corporate advisers Peter Dykes and Anthony Dunlop to reveal just how much they were paying themselves and their "consultants" as directors of the company, which has a market capitalisation of $4 million.

According to documents Capital Mining supplied to the ASX, in the last four quarters Mr Dykes, Mr Torney and Mr Dunlop were paid almost $4 million in directors fees, including $2.1 million in consulting fees to a firm called Chapmans Limited, incidentally run by Mr Dykes and Mr Dunlop.

The juicy fees are in stark contrast to the $650,000 that has been spent on actual company activities, which are currently focused on the exploration of lithium in Western Australia and the Republic of Ireland.

The ASX was concerned about how the company was spending its money, given Capital Mining had estimated far greater payments would flow to exploration and business activities and severely underestimated that which would flow into salaries.

Capital Mining responded to the ASX pointing to the costs associated with assessing new acquisition opportunities

"These costs included consultant fees and travel costs," reads the company's reply to the ASX. It points to the acquisition of assets in Ireland and Western Australia.

On Tuesday, shares were trading at 0.005¢.


http://www.theage.com.au/business/markets/...711-gx8qkn.html




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


3 Pages (Click to Jump) V   1 2 3 >

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING