CALGARY, Alberta--(BUSINESS WIRE)--Belgrave Resources Ltd, (GXG:BELG), announced today that it has notified the GXG Markets of its intention to voluntarily delist its common stock from GXG First Quote Markets at the close of business on December 31st, 2014. A unanimous vote to delist was enacted by Trustee’s of the majority shareholder on November 27, 2014, Calgary, Alberta. Belgrave Resources Ltd. has 3 shareholders of record of its securities.
The decision of the Company to delist and deregister its common stock was based on numerous factors, including an inability to raise institutional public equity (the original intent of the listing and reason for issuing the stock), stock clearing issues, frequent and substantial changes to the exchange regulations, and significant cost savings.
While it remains feasible to do so (considering its current debt obligations and cash on hand), Belgrave Resources Ltd. will pursue private equity funding on a prospective basis; and does not intend to list the company on any other public exchange.
About Belgrave Resources Ltd
Belgrave Resources Ltd. is a Canadian-based junior oil company. Its primary focus is the application of proprietary and high-impact enhanced oil recovery technologies to increase oil and gas production, improve recovery and add reserves. Belgrave’s patent-pending and trademarked process (“ZEDAITM”) is a strategically engineered and sustainable technology. It is designed to recover an additional 50% of the oil remaining in watered-out high-relief light-oil pools. This recovery efficiency implies that the current light oil reserves in Alberta, Canada could be increased 200% or by an additional 2 billion barrels. The company will acquire mature light-oil pools in Alberta that are approaching the end of their economic life based on current technology being implemented. Management has already identified several asset leads. Belgrave will apply its proprietary ZEDAITM technology on a pilot or modular basis in one representative pool to limit capital requirement, demonstrate improvement in oil production rate and recovery factor, and improve the reserve classification of the analogous pools. The company also intends to pursue carried and working interest opportunities through technology licensing agreements, globally.