Golden Sunset Trail Inc.

October 10, 2006 14:01 ET

Golden Sunset Trail Inc.: Terminates Discussions to Acquire GeoDigital International Inc. and Suspension of Trading

STONEY CREEK, ONTARIO--(CCNMatthews - Oct. 10, 2006) - GOLDEN SUNSET TRAIL INC. ("Golden Sunset") (TSX VENTURE:GST.P) announces that it has terminated discussions to acquire GeoDigital International Inc.

Golden Sunset has been unable to complete a qualifying transaction ("QT") within the 24 months of the common shares of Golden Sunset (the "Shares") becoming listed on the TSX Venture Exchange (the "Exchange") as required by Exchange Policy 2.4. As a result, the Exchange has provided notice to Golden Sunset that unless Golden Sunset completes a QT or transfers the listing of the Shares from the Exchange to the NEX board of the Exchange ("NEX Transfer") by January 2, 2007 the Exchange may proceed to delist the Shares ("Delisting").

Golden Sunset intends at this time to continue the process of identifying and evaluating businesses and assets with a view to completing a QT. However, Golden Sunset will take the required steps for undergoing a NEX Transfer, including obtaining shareholder approval, in a manner that ensures adequate time exists for completing such requirements before January 2, 2007 if it becomes apparent that a QT will not be completed in time.

If a Delisting occurs an aggregate of 5,693,333 Shares currently being held in escrow will be cancelled. If a NEX Transfer occurs it is anticipated that 2,846,667 Shares currently being held in escrow will be cancelled.

Trading of the Shares will remain halted until either completion of a QT or a NEX Transfer.

The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • Golden Sunset Trail Inc.
    Daniel Donn
    President, CEO, CFO and Director
    (905) 945-3999