The shares of disgraced companies St. Genevive Resources (SGY-T) and affiliate KWG Resources (KWG-T) are now trading as penny stocks after their move onto the Canadian Dealing Network, using the symbols SGVE and KWGR.
Trading of St. Gen and KWG shares on the Toronto and Montreal exchanges (and the NASDAQ exchange for KWG) was suspended on Nov. 27 following the revelation that some $21 million had been misappropriated from various St.
Genevive Group members to finance development at KWG’s Ametistovoe gold project in Russia (T.N.M., Dec. 8-14 and 15-21/97).
St. Gen’s shares, which traded at $1.42 a year ago and at 16cents before the halt, resumed trading in late December in the 4-to-5cents range before settling about the 10cents mark.
KWG’s shares, which had a one-year high of $7.45 and were halted at 40cents, resumed trading between 2cents and 3cents before settling around 10cents.
The two companies, which remain under court protection from creditors, intend to file restructuring plans by Jan. 23, and hold a meeting with their creditors by Feb. 26.
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