Zinc has had a lot of resistance over $0.70 lb, and LME inventories are holding. Maybe the weaker dollar will bring the price up, I would feel better if we could hold above $0.70 lb or inventories were evaporating, but as it stands Zinc may trade at these levels for a while, unless global growth kicks in. Anyone see the news story on CMM, was TAM one of the creditors?
https://finance.yahoo.com/news/Century-Mining-reaches-shares-cnw-15428611.html?.v=3
BLAINE, WA, June 3 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it has received signed letters from 39 trade creditors who have agreed to accept shares of Century Mining Corporation in final settlement of amounts owed by the Company. The aggregate amount of trade payables settled with creditors is $1,316,368, which at a deemed issue price of $0.25 per share represents the issuance of 5,265,472 common shares of the Company. The issuance of the shares is subject to compliance with applicable securities laws and approval by the TSX Venture Exchange. The shares will be subject to a hold period of four months and a day.
On April 28, 2009 the Company issued a press release announcing the shares for debt arrangement and erroneously referred to this arrangement as a private placement. The Company is continuing to work with several trade creditors, who are evaluating the option of taking shares for debt. Over the next several weeks, Century expects to reach the aggregate amount of $2.0 million (8.0 million shares), as originally announced on April 28, 2009.
Margaret Kent, President and CEO of Century commented, "the Company's primary goal with the shares for debt arrangement is to reduce our working capital deficit as we prepare for the closing of a larger project financing for the Lamaque Mine. We are pleased that several of our creditors have elected to become shareholders of the Company."