Oilsands Quest Applies to Delist from the NYSE MKT; Pursues New Listing on the CNSX
May 30 2012 - 10:05AM
PR Newswire (Canada)
CALGARY, June 1, 2012 /CNW/ - Oilsands Quest Inc. ("Oilsands Quest"
or "the Company") has applied to delist its shares from the NYSE
MKT following discussions with representatives from the NYSE MKT
about the Company's current status. Oilsands Quest has filed an
application to list the Company's stock on the Canadian National
Stock Exchange ("CNSX"), which would, if successful, enable
Oilsands Quest's shareholders to trade their shares once the new
listing becomes active. Listing on the CNSX is subject to the
Company meeting the exchange's minimum listing qualifications and
other requirements. The Company expects the delisting from the NYSE
MKT to be effective before the end of June, 2012. If the
application to list with the CNSX is successful, the Company's
objective is to have its shares listed and trading on or before the
delisting from the NYSE MKT. Oilsands Quest will provide further
disclosure with specific trading details as its application is
processed by the CNSX. Oilsands Quest continues to operate under
the protection of the Companies' Creditors Arrangement Act (Canada)
and the supervision of a court-appointed monitor. The Company is
also continuing to pursue the previously announced process to
solicit offers to acquire, restructure or recapitalize the Company,
with the assistance of TD Securities Inc. There can be no assurance
that the solicitation process will result in a financing or a sale
of the Company or in any other transaction. Further to previous
disclosure, Oilsands Quest received notice from the staff of the
NYSE MKT that the Company remains out of compliance with certain of
the NYSE MKT's continued listing standards as set forth in Part 10
of the NYSE MKT's Company Guide. Specifically, NYSE MKT noted that
the Company is not in compliance with Section 1003(a)(iv) of the
Company Guide because the Company has sustained losses which are so
substantial in relation to the Company's overall operations or its
existing financial resources, or its financial condition has become
so impaired that it appears questionable, in the opinion of the
NYSE MKT, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature. The Company
was afforded the opportunity to submit a plan of compliance to the
NYSE MKT and on February 14, 2012 presented its most recent plan to
the NYSE MKT. In its letter of February 24, 2012, the NYSE MKT
notified Oilsands Quest that it accepted the Company's plan of
compliance and granted the Company an extension until May 18, 2012
to regain compliance with the continued listing standards.
Subsequent to May 18, 2012, and because the Company has not
regained compliance with continued listing standards, NYSE
Regulation has indicated that the Company would likely be subject
to delisting. Trading in the common shares of Oilsands Quest
remains halted on NYSE MKT. The CNSX is a streamlined stock
exchange that provides a visible market for qualifying small-cap
companies. It is recognized by the Ontario Securities Commission
("OSC") as a stock exchange and is subject to OSC regulatory
requirements. In addition, market surveillance and regulatory
oversight on the CNSX are provided by the Investment Industry
Regulatory Organization of Canada. Additional information is
available at www.cnsx.ca. About Oilsands Quest Oilsands Quest Inc.
(www.oilsandsquest.com) is exploring and developing oil sands
permits and licences, located in Saskatchewan and Alberta, and
developing Saskatchewan's first commercial oil sands discovery.
Forward-looking statements: This news release includes certain
statements that may be deemed to be "forward-looking statements",
including the Company's plans to list its common shares on the
CNSX. All statements, other than statements of historical facts,
included in this news release that address activities, events or
developments that management expects, believes or anticipates will
or may occur in the future are forward-looking statements.
Forward-looking statements are statements other than relating to
historical fact and are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate",
"estimate", "potential", "prospective" and other similar words or
statements that certain events or conditions "may" "will" or
"could" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
statements, which include but are not limited to the ability to
satisfy the minimum listing qualifications and other requirements
of the CNSX, the ability to raise additional capital, risks
associated with the Company's ability to implement its business
plan, its ability to successfully complete the previously announced
Solicitation Process while under creditor protection, its ability
to submit a timely plan to its stakeholders and the Court under the
CCAA and to resolve its operational, legal and financial
difficulties, risks inherent in the oil sands industry, regulatory
and economic risks, land tenure risks and those factors listed
under the caption "Risk Factors" in the Company's Form 10-Q filed
with the Securities and Exchange Commission on March 8, 2012. The
Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change, except as required by law. The reader is cautioned
not to place undue reliance on forward-looking statements. Oilsands
Quest Inc. CONTACT: Investor RelationsEmail:
ir@oilsandsquest.comInvestor Line: 1-877-718-8941
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