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Stock Halt Trading
posted on
Apr 20, 2009 03:36PM
April 20, 2009
Palladon Ventures Ltd.-Stock Halt Trading
SALT LAKE CITY, UTAH--(Marketwire - April 20, 2009) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) - Current management has worked diligently to address a number of previously outstanding requests from the British Columbia Securities Commission ("BCSC") with respect to certain filings of the Company. On February 9, 2009, the BCSC requested amended and restated interim financial statements and related Management Discussion and Analysis ("MDA") for both August and November 2008. The BCSC had also previously requested a Business Acquisition Report and related pro-forma financial statements with respect to the Company's acquisition of Palladon Iron Corporation.
In late March 2009, upon learning of the status of these requests, current management, who were appointed as officers of the Company on March 18, 2009, made responding to the BCSC's comments one of their highest priorities. Although new management was able to respond to a majority of the BCSC's requests, the BCSC was unwilling to grant a further extension until all historical requests had been fulfilled to their satisfaction. The BCSC has issued a cease trade order on Palladon's stock until all of its requests are responded to satisfactorily. The Company is working as expeditiously as possible to complete all outstanding BCSC requests, such that the stock can resume trading with as little delay as possible.
At the same time, the Company continues to work with SRK Consulting on a strategic review of the Iron Mountain project, and to pursue all alternatives toward the goal of generating near term cash flow.
Palladon will continue to update investors as information becomes available.
On Behalf of the Board of Directors,
John W. Cutler, President & Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company focused on advancing the Comstock/Mountain Lion iron mine in Iron County, Utah.
