From bad to worse at GeoGlobal Resources

Vol 16, PW 11 (13 Dec 12) News in Brief

Things are not looking up for Canadian explorer GeoGlobal Resources as it scrambles to respond to an ultimatum from the New York Stock Exchange to get its books in order or face the prospect of being de-listed.

Calgary-based GGR disclosed on December 4 that it received a notice from the NYSE that it is, “not in compliance” with two listing standards and has until December 31 to submit a plan outlining how it can reverse its fortunes by March 29 next year (2013). In its notice the NYSE said GGR’s, “financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether such a company can continue operations and/or meet its obligations as they mature,” says the notice.

“GeoGlobal is currently in the process of preparing the Plan for submission to the NYSE,” it adds. “If the Company does not submit the Plan to the NYSE or if the Plan is not accepted by the NYSE, the Company will be subject to delisting proceedings.