via BCSC.bc.ca - So Where Are We?

If you look up Golden Band on the BCSC website, you can check on the legal status of the company.

What you might not consider is that the company us no longer in default. This is clearly displayed on the website, where the default of the company was closed August 10, 2016. This is clearly indicated on the BCSC website.

http://bit.ly/2f1aFd1

That means on point of law that the bankruptcy was resolved, or that PROCON was prepaid $115 million for a year's operations, and that the defeasance entered into in 2010, and was extended by a year to include 2016, was entirely complied with.

We also have the company voluntarily giving up its reporting status at the end of August, AFTER the default, which also confirms that the conditions of the defeasance(or asset-based + revenue-based financings) are closed(meaning PROCON paid in full)

But the company isn't listed on the cease traded list of companies. That means the company is technically no longer cease traded, but has not applied for a revocation order. In the meanwhile, however, certain options against golden band resources traded on the Grey OTC market in the U.S.(see photo library) through an exemption on who might trade in securities of the company, even though they are technically 'debt securities.'

"Can BC residents who are not insiders sell cease-traded securities into foreign markets?

In certain circumstances, the BCSC allows BC residents who are not insiders to sell securities of cease-traded issuers into foreign markets. Generally, we grant this relief in circumstances where the BCSC issued the cease trade order for failure to file financial or related disclosure records. The conditions to the relief are contained within the cease trade order itself. For cease trade orders issued prior to February 13, 2003, the relief and its conditions are found in BC Instrument 57-501Partial Variation for Cease Trade Orders of Certain Issuers."

http://www.bcsc.bc.ca/For_Companies/Continuous_Disclosure/FAQ_Reporting_Requirements/#q11

The exemptions under the BCSC requirements also allow shares to be retracted(which we saw trade on the Grey OTC)through an arrangement with a securities broker:

http://bit.ly/2fiW0YT

The only discrepancy is that at the time of the trade(s) comprising perhaps 50% + 5% of the shares through options on Golden Band shares, representing each 500 shares, was that Golden Band was an issuer that had voluntarily surrendered reporting status, and was not reporing at the time.

The conclusion you can reach is that the voluntary relenquishing of reporting status after the default was over, and the bankruptcy plan enacted, was that the company did not want to report the retraction and cancellation of shares. And that this was the sole reason.

What remains is the 'extinguishment' or conversion of non-convertible common shares into preferred, as it is referred to in IFRS accounting. An extensive search of court oroceedings produced nothing,(no amalgamations or plans of arrangement) so the company is likely to proceed with a revocation order and continue as Golden Band Resources, under the auspices of article 186 Re-organizations SBCA.

-F6