CYM - Original Listing Requirements ("OLRs")I wonder what Cymat's Original Listing Requirements ("OLRs") are for listing on the TSX .... if known it would give shareholders some warning about when they will be delisted. Many companies get delisted from the TSX because their business changes or they are unable to fulfill their listing requirements. Cymat has been on the board for over 10 years and from the progress made to date it's hard to believe that they are meeting their Original Listing Requirements ("OLRs") to remain listed on the TSX ......
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Gold Reserve Inc. CA:GRZ -4.52% (nyse-amex:GRZ) (the "Company") has received today a notice from the Toronto Stock Exchange that the Company does not meet the Original Listing Requirements ("OLRs") of the exchange due to the illegal expropriation of the Brisas property by the Venezuelan government.
Trading in the Company's common shares will continue for 30 days during which time the Company has a right to appeal this decision. Should the appeal be unsuccessful, Gold Reserve will seek a listing on an alternative Canadian exchange such as the TSX Venture Exchange or the NEX so that there is, to the extent possible, uninterrupted trading for the Company's securities. Regardless, the Company remains listed on the NYSE-Amex under the terms of a continued listing agreement that was entered in October.
The Company's international arbitration against the Republic of Venezuela regarding the illegal expropriation of its Venezuelan properties is proceeding well with the hearing scheduled for February 2012. The Company also continues to pursue possible settlement of the arbitration but no assurances can be given at this time that it will be successful in reaching a settlement. Gold Reserve Inc. (TSX:GRZ - News) (NYSE-Amex: GRZ - News) (the "Company") announces that the Toronto Stock Exchange ("TSX") is reviewing the Company's Common Shares with respect to meeting the requirements for continued listing pursuant to the Expedited Review Process. This review of our compliance with the TSX's continued listing standards is a direct result of the expropriation of the Brisas Project by the government of Venezuela.
In September 2011 the Company received a letter from the Compliance & Disclosure Department ("Compliance Department") of the TSX requesting that the Company provide information regarding its current operating activities as part of a fact gathering process related to meeting the TSX's continuous listing requirements. The letter stated that if the TSX determines that the Company has discontinued a substantial portion of its business, the Company will be required to meet the original listing requirements ("OLR") of the TSX. If the Company fails to provide an acceptable plan to the TSX of how it intends to meet the OLR in the short term, the TXS will initiate a delisting review. On October 4, 2011 the Company provided its response and a plan to the TSX regarding the Company's efforts to maintain compliance and continue its listing on the TSX.
On November 11, 2011 the Company received a letter from the Compliance Department advising the Company that the Company's plans are not sufficiently advanced to approve compliance with TSX's continued listing requirements. As a result, the TSX is reviewing the eligibility for continued listing on TSX of the common shares of the Company pursuant to Part VII of The TSX Company Manual, under the Expedited Review Process as described in Section 707(b) of the TSX Company Manual. The Continued Listing Committee of the TSX scheduled a meeting on November 21, 2011 to consider whether or not to suspend trading in and delist the common shares of the Company. The Company expects to make a submission regarding this matter prior to the meeting.
There can be no assurance that the Company will be able to achieve compliance within the required time frame, and if the Company is not able to achieve compliance, the Company will remain subject to delisting procedures as set forth in the Company Manual and may in fact be delisted. Management is also evaluating alternative listing options such as the TSX Venture Exchange or NEX.