I commeneced my foray into CNN in 2002 just beforew the ACAP issue. If my memory serves me correctly ACAP was touted as a gold mining operation primarily and I was one of the silly buggers who didn't take up the 1c offer as I believed gold was on the nose back then and hadn't heard anything about uranium.
ACAP traded on the Newcastle SX for sometime prior to listing on the ASX.
CNN was granted equity in ACAP for return of unsecured loans and CNN sold that equity in ACB at about $1.60 raising around $5m for CNN which is what CNN is sitting on in the bank currently.
Talk is that there is one tenement that is bigger and better than anything ACB has so we'll just have to wait and see.
Cheers
CNN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
