Press Release : February 23, 2006Shareholder Update from Hubert Mockler, President; on OSC ---> 1041@NEWS
RELEASE GREENSHIELD RESOURCES LTD. ("GRE-V")
- Shareholder Update from Hubert Mockler, President; on OSC
Cease Trading Order Lifted -Trading Symbol GRE -TSX
On February 6, 2006 the Ontario Securities Commission issued a cease
trade order against the corporation for failure to file the September 30
year end financial statements in a timely manner. Accordingly, the TSX
Venture Exchange halted trading immediately and the company's securities
remains under suspension. This was indeed a most unfortunate development as
our financial statements were ready for filing; but as a result of
extenuating circumstances the deadline was missed. In this regard we are
pleased to report that the financial statements have been filed and the
Ontario Securities Commission has revoked the cease trade order. The TSX
Venture Exchange undertook a review of the company's current status to
determine if the exchange's requirements to retain its listing as a tier 2
corporation. This review revealed the corporation no longer met the
requirements for a tier 2 listing and will be transferred to the NEX. This
is expected to occur on May 8 2006; subject to the company complying with
the reinstatement requirements. Shareholders may rest assured that
Greenshield's Directors will do everything in their power to fulfill these
obligations.
At the time the cease trade order was imposed; Greenshield resources
did not meet 3 main requirements for continued listing on the TXS Venture
Exchange, Tier 2 Sector.
These are:
1. Working capital
2. Inactivity
3. No exploration property
Management is pleased to report that we have been diligently working
towards resolving these issues.
During the past several weeks we have been holding discussions with two
groups which have indicated a strong desire to become associated with the
company.
These concerns would bring not only capital; but also some well
seasoned exploration properties which could; with a relatively small
investment, be brought into production over a short time.
If we are successful in these endeavors this would satisfy the TSX
Venture Exchange and allow us to apply for reinstatement of our listing. In
the meantime; shareholders should not be overly concerned about the
transfer of the company's shares to the NEX; as they will continue to trade
under the same symbol, with possibly a suffix attached to denote the
exchange. We wish to thank our many shareholders who have supported the
company through these difficult times and sincerely believe there will be
brighter days in the near future.
DATED at Toronto, Ontario this
17th day of February, 2006.
ON BEHALF OF THE BOARD OF DIRECTORS
HUBERT MOCKLER
President