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Gold Reserve Inc. announces NYSE MKT notification of intent to file delisting application
SPOKANE, WA, Jan. 4, 2013 /CNW/ - Gold Reserve Inc. (TSX.V:GRZ) (NYSE-MKT:GRZ) has received...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\n\n\nSPOKANE, WA, Jan. 4, 2013 /CNW/ - Gold Reserve Inc. (TSX.V:GRZ)\n (NYSE-MKT:GRZ) has received a written notice dated January 3, 2013,\n that the staff of the NYSE MKT LLC (the \"Exchange\") intends to file a\n delisting application with the United States Securities and Exchange\n Commission (the \"SEC\") to remove the Company's common shares from being\n listed on the Exchange. The Company intends to appeal the Exchange\n staff's decision.\n\n\nThe Exchange staff's position is that the Company did not sufficiently\n comply with the terms of its plan announced October 31, 2011 (the\n \"Plan\"), that was implemented to allow the Company time to regain\n compliance with the Exchange's continued listing standards by December\n 20, 2012.  As a result, the Exchange staff believes the Company no\n longer complies with the Exchange's continued listing standards\n because, following the seizure of the Las Brisas mine by the Venezuelan\n government in 2008, the Company ceased to be an \"operating company\"\n under Sections 1002(c) and 1003(c)(i) of the Exchange's Company Guide\n and did not remedy that status pursuant to the Plan.\n\n\nThe terms of the Plan focused on the Company becoming an \"operating\n company\" again, as defined by the Exchange staff.  Management believes\n that the Company has demonstrated substantial compliance with the\n intent and spirit of the Plan to become an \"operating company\" by\n signing an agreement effective April 26, 2012, granting the Company the\n right to earn an undivided 51% interest in the La Tortuga property, a\n copper and gold prospect located in Jalisco State, Mexico, and\n conducting exploration activities at the La Tortuga property.\n Additionally, management believes the Company meets all other continued\n listing standards of the Exchange and, as of market close on January 3,\n 2012, the Company currently meets all the standards for initial listing\n under Initial Listing Standard 4 (Section 103(d) of the Company Guide).\n\n\nThe Company expects to appeal the Exchange staff's decision by January\n 10, 2013, and will request an oral hearing before a committee of the\n Exchange to be held at a later date. There can be no assurances that\n the Company's request for continued listing will be granted. During the\n appeal period the Company's shares will continue to be lis...