chm bank balance nearly all gone, page-2

Surfie - did you conveniently forget the CHM fully underwritten right issue you posted on the MMX board

"Wonder who the underwriter is. Interestingly chm dont disclose that.

But Look at what might happen to CHM and their s/h.

Say the rights issue succeeds. there will be 57+million shares issued at 4c each with a free option.

As soon as they can, all the option holders will exercise their oppies so there will be 114.5 million new shares and they will all come onto market at same time as s/h try to get them cashed before its too late the sp will plummet.

A disaster for s/h who pay 4c for the share and 2.5c to exercise the option being a total of 6.5c for 2 shares ie ave price 3.25c each. CHM dont care because they are unlikely to be trying to raise any more cash after this.

poor punters who fall for this stunt will get slaughtered."

As this rights issue is fully underwritten CHM effectively has another $2.29M in the bank and as much as it erks you you need to realize that their are parties who stand to make a lot of money from the CHM relisting who are determined to see it have its day in court.

The only difference between us, come the day in court will be CHM will be betting on Hartnell and his team, while MMX and the other respondents will be depending on the integrity of Grimaldi and Barnes.