via FinancialPost.com - Primer On Issuer Bid Exemption Orders

If the company remains an issuer, but is exempt from reporting status, then the company may be engaged in the repurchase of shares - thus the extinguishment.

Shareholders horrified at the BIA proceedings and company insistence that all the shares are set to be extiguished may have led to shareholders 'dumping' their option on GBN through their broker - to the company itself.

In some cases where issuer bid exemptions were formally granted, companies in the resource sector had repurchased ~21% of the shares in the company. In the case of GBN, they may not require any formal exemption, since they voluntarily surrendered reporting status.

http://business.financialpost.com/investing/investing-pro/a-primer-on-issuer-bid-exemption-orders-they-are-bigger-than-you-might-think

-F6