I have traded unlisted shares in the US, and for me there wasn't much difference from listed shares. They tend to be less liquid, but I think it's because they are small companys that would have low volume even if listed. If you google 'canada unlisted shares' there is a mechanism for trading unlisted companys. The shares don't disappear, and if we do get a buyout based on what we have rather than share price it probably doen't matter.