CALGARY, March 20, 2012 /PRNewswire/ - Goldnev Resources Inc. ("Goldnev" or the "Company") (TSX Venture Exchange - "GNZ"), today announced an update on the status of the continued suspension from trading of its common shares, pending compliance with the TSX Venture Exchange (the "Exchange") requirements.
As announced on August 25, 2011, the Company's shares were halted and then subsequently suspended from trading concerning numerous share issuances that were not filed with and approved by the Exchange contrary to its policies, for private placement transactions and for the acquisition of additional working interests in Goldnev's Pasquia Hills oil shale permit PS 243. The Corporation currently has 151,068,609 common shares issued and outstanding.
The Exchange imposed the trading halt of the Company's securities pending receipt, review and approval of these share issuances and other matters.
Goldnev has only recently responded to the Exchange in connection with the August 15, 2011 halt in trading and subsequent trading suspension. On February 15, 2012, the Company submitted to the Exchange multiple filings involving five private placements, two reviewable transactions and two shares for debt and shares for services common share issuances and an information letter response relating to other corporate matters.
The Company's delay in submitting the multiple filings and information responses to the Exchange in connection with the trading halt and subsequent trading suspension of its securities was caused primarily due to a delay in assembling the requested corporate information. In addition, Goldnev was awaiting confirmation on a requirement by the Exchange that a placee that participated in several of Goldnev's previous private placements and debt issuances and whom concurrently also became an insider of the Company be cleared and approved as an insider of the Company.
The reason for the delayed response to the Exchange in connection with the August 15, 2011 trading halt and subsequent suspension of the Company, was a decision by the management of Goldnev to receive confirmation from the Exchange for the approval of the placee to be cleared as an insider of the Company prior to submitting the requisite filings for these transactions and the corporate information responses.
Management of Goldnev will keep shareholders informed on its progress for reinstatement of trading of its securities and general corporate activities and welcomes any inquiries in regards to these matters.
Neither the TSX Venture Exchange, nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Goldnev Resources Inc. is a public energy company focused on the exploration and development of unconventional oil shale resources and conventional crude oil and natural gas production in east central Saskatchewan, northeastern British Columbia and southwestern Alberta. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ."
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