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CONFUCIUS SAID; THANK GOD I DON'T HOLD ANY CHM LOL,,,LOL _________________________________________________________
Rebecca Urban | July 15, 2009 Article from: The Australian
AN associate of porn shop owner Con Ange, a financial firm linked to convicted market rigger Jeff Braysich and a company by the name of Hazardous Investments were among several "sophisticated investors" to take part in a recent capital raising by Chameleon Mining that failed to comply with the law.
Other recipients of the 50 million shares issued to raise $450,000 in much-needed working capital included relatives of Chameleon's directors, ex-rugby league player Benny Elias and Anthony Karam, including Joseph Elias, Ella Elias and Nicholas Karam.
Their names appear on a list in an affidavit filed by Chameleon's company secretary Ahmed Hassan to the NSW Supreme Court last week, after the company was forced to apply to have the share placement, conducted back in May, retrospectively cleared.
It had forgotten to file a cleansing notice -- a requirement of the Corporations Act when issuing shares without disclosure to all investors -- within the five-day timeframe.
Also on Chameleon's list of sophisticated investors, a term typically used to describe those who have at least $2.5 million in assets or an annual income of $250,000, is Pasquale Lombardo. Property developer Vince Lombardo co-owns St Paul's Tavern in Brisbane with porn shop owner Ange. Another shareholder to take part in the placement, who is also believed to be an associate of Mr Ange, goes by the name of Porn Pinon Chungsuwathananon. Mr Ange recently received extensive press as a result of his visits to the change rooms of rugby league team Cronulla Sharks.
When contacted by The Australian yesterday, Mr Ange confirmed he had bought Chameleon shares in the past but could not recall if he took part in the recent capital raising.
When asked whether he knew Ms Chungsuwathananon, he said: "What business is that of yours?"
Another investor to take part in the placement was Saxby Bridge Financial Planning -- a company formerly directed by Mr Braysich, a one-time Sydney stockbroker who received a suspended jail sentence in 2007. He was convicted on 25 counts of creating a false or misleading appearance of active trading in Intrepid Mining.
Saxby Bridge is now directed solely by Michelle Braysich.
According to Chameleon's announcement to the share market at the time, the shares were placed at a price of 0.9c. The company's share price has since doubled, after it recently reported that it had settled a periphery matter associated with its multimillion-dollar legal action against Murchison Metals.
In his affidavit, Mr Hassan said the shares had been issued for the sole purpose of raising funds.
"The securities were not issued with the purpose of the relevant shareholders selling or transferring the securities, or granting issuing or transferring interests in, or options over them," he said.
However, when Mr Hassam was asked by the Australian Securities & Investments Commission on July 1 to ascertain the current status of the shares issued under the placement, he discovered that three of the investors had since sold some of their shares.
As a result, the company was required to make an ex parte application to the court for an extension to the time allowed to file its cleansing notice.
Mr Elias described the issue as an "administrative oversight".
"We were a couple of days late but we've got it all ticked off by ASIC now," he said.
Mr Elias declined to comment on the investors who had supported his raising. Chameleon has recently hired celebrity publicist Max Markson to promote its interests before its September court case against Murchison.
CHM Price at posting:
6.8¢ Sentiment: None Disclosure: Not Held
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