After reading up on all the documents on SEDAR, I've come to the conclusion that the company is safe from imminent danger, though they definitely have to get their act in gear.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00029364
1. The money from Concept Capital means they are safe - The delisting and firing of employees is likely stemming from Concept putting their foot down and telling them to stop burning all their cash so quick.
2. They are having the AGM on May 9th. Delisting takes place before then so it would make no sense to hold a meeting for a company with no public market.
3. They are talking about amending the company's stock program (DSU) at the meeting. What's the point of begging for more stock options if the company has no stock worth anything in the first place?
4. They want to amend the stock consolidation article so that its deadline is extended from June 2012 to May 2013. Two good points here - again, if no stock, what's the point? And the second part of that is since they want to extend the deadline, they probably have no desire to do a consolidation in the imminent future.
The notice of the AGM was released after the April 4 release that decimated the stock so it's not like they put all that stuff in there just for fun. It will be interesting to see how this plays out. Not unreasonable to expect that we will see 5 cents or more here sometime soon.