There’s been another development as Saskatoon-based Golden Band Resources tries to remain a viable business.
Golden Band operated in the La Ronge area until late 2013, when it laid off 120 workers.
The TSX Venture Exchange is now lowering Golden Band’s status on the market, from Tier 1 to Tier 2. It’s possible that Golden Band will fall down another level.
A further blow to Golden Band has come in the form of its directors resignations from their positions, along with the resignation of its Chief Financial Officer.
In a news release issued on Wednesday, Golden Band said it is likely the TSC Venture Exchange will suspend Golden Band from trading as of May 3.
Last week, Golden Band’s biggest creditor filed legal forms to recoup $15 million owed to it.
Soon after, Golden Band announced plans to restructure.