Gold Reserve Inc. (GRZ.TO), which lost 4.5% yesterday on the TSX, said it has received a notice from the Toronto Stock Exchange that the company does not meet the Original Listing Requirements 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 said its 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.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
