This time the dragon slew St. George. In this case the dragon was an
administrative law judge who issued an Initial Decision revoking the
registration of St. George's securities.
St. George Metals, Inc. (OTCBB: SGGM) is a tiny Pink Sheet company with no discernible business, that captured attention just over one year ago with a puzzling announcement. On September 2, 2004, CMKM Diamonds, Inc. (Pink Sheets: CMKX) announced that St. George had agreed to pay $10 million and deliver 200 billion restricted shares of St. George common stock in exchange for 5% of CMKM's mineral claims. The announcement did not indicate where St. George – which ceased operations in October 2002, claiming that it had exhausted its financial resources – would get the funds.
See Buddy Up! - CMKM Diamonds, Inc.; U.S. Canadian Minerals, Inc.; Juina Mining Corp.; St. George Metals, Inc.; and United Carina Resources Corp
St. George and CMKM have traveled similar paths in recent months. The Securities and Exchange Commission suspended trading in CMKM shares temporarily in March 2005 and subsequently asked an administrative court to revoke the Company's registration. On July 12, 2005, an Administrative Judge issued an Initial Decision granting the SEC's request and terminating the registration of CMKM securities. CMKM has now asked the SEC to review that order and a final decision is pending.
St. George now finds itself sailing a similar boat. On July 1, 2005, the SEC issued an order temporarily suspending trading of St. George securities for 10 days, until 11:59 pm on July 15, 2005. The Commission said that the suspension was issued because questions had been raised about the adequacy of publicly available information concerning, among other things, St. George's assets, liabilities, management, stock issuances, purported mining operations and other business activities. St. George has not filed any required quarterly or annual financial reports since November 2002. See, SEC Targets St. George Metals, Inc.
On July 1, 2005, the SEC sought an order revoking the registration of St. George's securities. In granting that application, the Administrative Court noted that St. George has failed to file required annual reports since April 26, 2002 and required quarterly financial reports since November 14, 2002. St. George certainly was aware of this delinquency. In April 2005, the Company appointed a new president and proclaimed that one of its goals was to become compliant with the SEC's filing requirements. It failed to do so, despite prompting from the SEC.
The Administrative Court concluded that St. George's failure to file was "egregious and recurrent." The Company failed to file eleven reports over three years, although it recognized its obligation to do so, and promised to comply. This has left the public without accurate current information - a situation that prompted the Administrative Court to revoke registration of St. George's shares.
Like CMKM, St. George will have an opportunity to challenge the Initial Decision.
St. George Metals, Inc. (OTCBB: SGGM) is a tiny Pink Sheet company with no discernible business, that captured attention just over one year ago with a puzzling announcement. On September 2, 2004, CMKM Diamonds, Inc. (Pink Sheets: CMKX) announced that St. George had agreed to pay $10 million and deliver 200 billion restricted shares of St. George common stock in exchange for 5% of CMKM's mineral claims. The announcement did not indicate where St. George – which ceased operations in October 2002, claiming that it had exhausted its financial resources – would get the funds.
See Buddy Up! - CMKM Diamonds, Inc.; U.S. Canadian Minerals, Inc.; Juina Mining Corp.; St. George Metals, Inc.; and United Carina Resources Corp
St. George and CMKM have traveled similar paths in recent months. The Securities and Exchange Commission suspended trading in CMKM shares temporarily in March 2005 and subsequently asked an administrative court to revoke the Company's registration. On July 12, 2005, an Administrative Judge issued an Initial Decision granting the SEC's request and terminating the registration of CMKM securities. CMKM has now asked the SEC to review that order and a final decision is pending.
St. George now finds itself sailing a similar boat. On July 1, 2005, the SEC issued an order temporarily suspending trading of St. George securities for 10 days, until 11:59 pm on July 15, 2005. The Commission said that the suspension was issued because questions had been raised about the adequacy of publicly available information concerning, among other things, St. George's assets, liabilities, management, stock issuances, purported mining operations and other business activities. St. George has not filed any required quarterly or annual financial reports since November 2002. See, SEC Targets St. George Metals, Inc.
On July 1, 2005, the SEC sought an order revoking the registration of St. George's securities. In granting that application, the Administrative Court noted that St. George has failed to file required annual reports since April 26, 2002 and required quarterly financial reports since November 14, 2002. St. George certainly was aware of this delinquency. In April 2005, the Company appointed a new president and proclaimed that one of its goals was to become compliant with the SEC's filing requirements. It failed to do so, despite prompting from the SEC.
The Administrative Court concluded that St. George's failure to file was "egregious and recurrent." The Company failed to file eleven reports over three years, although it recognized its obligation to do so, and promised to comply. This has left the public without accurate current information - a situation that prompted the Administrative Court to revoke registration of St. George's shares.
Like CMKM, St. George will have an opportunity to challenge the Initial Decision.
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