TORONTO, ON–(Marketwired – August 28, 2015) – New Klondike Exploration Ltd. (TSX VENTURE: NK) (“New Klondike” or the “Company”) is issuing this press release at the request of the TSX Venture Exchange Inc. (the “Exchange”). The Company has contravened Exchange Requirements and its previous undertaking to the Exchange, as set out in a press release dated November 8, 2013, to hold a shareholder meeting within the prescribed time. The Company held its last shareholder meeting on January 6, 2014. During the review of this matter the Exchange has also determined that the Company does not satisfy the continuous listing requirements of the Exchange’s policies as a Tier 2 Listed Issuer.
Effective at the market open on August 28, 2015 the Company’s shares were halted from trading and effective at the open of trading on August 31, 2015 the Company’s shares will be suspended from trading on the Exchange. The Company will be transferred to the NEX board at the open on August 31, 2015 and the Company’s shares will continue to be suspended from trading.
The Company can apply for reinstatement to trade on the NEX board when it is able to demonstrate that it has held an annual shareholder meeting and that it is otherwise in good standing pursuant to Exchange Requirements and statutory regulations. The Exchange is continuing its review and may have further conditions the Company must satisfy prior to reinstatement for trading.
Management estimates that the costs associated with holding a shareholder meeting are in the range of $15,000 to $20,000 and at the present time the Company does not have adequate funds to meet these costs. Although management is continuing its efforts to fund the Company, it is not presently known when the Company will be able to satisfy the requirements to apply for reinstatement.
About New Klondike
New Klondike is an Ontario focused mineral exploration and development company with a primary objective of exploring for and developing base and precious metal deposits on its Goldstorm Project. The Company presently has 20,415,545 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.