Business
British Columbia Securities Commission Cease Trade Order - Brookmount Exploration
British Columbia Securities Commission Cease Trade Order - Brookmount Exploration.
About this update from Brookmount Explorations, Inc.
[{"type":"text","content":"2007 BCSECCOM 344Cease Trade OrderBrookmount Exploration Inc.Section 164 of the Securities Act, R.S.B.C. 1996, c. 4181 Brookmount Exploration Inc. (Brookmount) was incorporated on December 9, 1999 under the laws of Nevada, United States. Brookmount's head office is located in Vancouver, British Columbia. Brookmount's Chief Operating Officer, who is also a director, is resident in British Columbia. Brookmount is not a reporting issuer in British Columbia.2 Shares of Brookmount are quoted on the OTC Bulletin Board (OTCBB) in the United States and on the Frankfurt and Berlin stock exchanges in Germany. Brookmount's shares first traded on the OTCBB on December 23, 2004. There are approximately 16 million shares issued and outstanding.3 On February 17, 2005, Brookmount issued a news release announcing the acquisition of 100% of the Mercedes 100 Project (the Mercedes property), a Gold/Silver property in central Peru. In this news release, Brookmount disclosed proven, potential, prospective and possible reserves for the Mercedes property.4 On December 14, 2005, Brookmount issued a news release disclosing an economic analysis of the potential viability of the Mercedes property that projected revenues of US$98 million.5 Between February 17, 2005 and June 18, 2007, Brookmount issued several other news releases disclosing mineral reserves or economic analysis for the Mercedes property. 6 From December 2004 to June 2007, shares of Brookmount traded on the OTCBB at an average price of US$0.29 with an average daily volume of 41,600 shares. From December 1, 2005 to January 11, 2006, shares of Brookmount increased in price from approximately US$0.19 per share to an all-time high of US$ 1.075 per share with an average daily volume of 174,000 shares. During this period, Brookmount issued two of the news releases described above, including first time disclosure of the economic analysis. Currently, Brookmount's shares trade around US$0.10 on very low volume. 7 Brookmount disclosed mineral reserves, economic analysis and projections of economic viability for the Mercedes property on its website and in two investors' presentations accessible through its website. 8 The Mercedes property is a material property to Brookmount.Failure to file Independent Technical Report 9 Brookmount has not filed a technical report prepared by an ind...