CALGARY, March 19 /CNW/ - The Alberta Securities Commission (ASC) has
issued a Notice of Hearing to seek an order reciprocal to Saskatchewan and
Manitoba orders against CMKM Diamonds, Inc. ASC staff alleges that CMKM sold
shares to Alberta residents without registering with the ASC or filing the
proper documents required for distribution of securities under the Alberta
Securities Act. The ASC hearing is scheduled for Wednesday, April 9, 2008.
CMKM is the subject of orders issued by the Saskatchewan Financial
Services Commission, Securities Division (SFSC) on November 9, 2004 and by the
Manitoba Securities Commission (MSC) on October 31, 2007. The SFSC issued its
orders based on allegations that CMKM violated securities laws in Saskatchewan
by trading CMKM securities in Saskatchewan despite the facts:
- it was not registered to do so;
- SFSC had not issued a receipt with respect to those securities; and
- SFSC had not issued an order granting exemptions from registration
and prospectus requirements.
The MSC issued its order under the reciprocal enforcement provisions of
the Manitoba Securities Act. Both jurisdictions have banned all trading of
CMKM securities and the use of securities law exemptions.
A copy of the Notice of Hearing outlining the allegations in their
entirety is available on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and efficient
capital market in Alberta and to protect investors. As a member of the
Canadian Securities Administrators, the ASC works to improve, coordinate and
harmonize the regulation of Canada's capital markets.
For further information:
For further information: For Media Inquiries: Tamera Van Brunt,
Director, Communications and Investor Education, (403) 297-2664; For Investor
Inquiries: ASC Public Inquiries, (403) 297-4296, Toll Free 1-877-355-4488