RISING PHOENIX DEVELOPMENT GROUP LTD. (RDG)
NOTICE TYPE: Delist
NOTICE DATE: January 15, 1998
The shares of the Company will be delisted at the request of the Company, effective at the close January
15, 1998.
Further to the Vancouver Stock Exchange Notice dated December 17, 1997, the Exchange identified a
number of breaches of the Listing Agreement and Listings Policies by the Company including:
1. Listing Agreement Sections 1.3, 1.8, and Listings Policies 7 and 8:
? The Company has made overly promotional and misleading statements to investors regarding
the status of the Lak Ranch Sand Oil recovering project in Wyoming, its interest in the property,
and the future revenue/profit position resulting from the project. The revenue projection
disclosed in the Company?s news release dated January 13, 1998 does not appear to conform to
the standards of the Canadian Institute of Chartered Accountants or National Policy 48, as
required by Listings Policy 7.
? The Company has failed to disclose its promotional, investor relations and market making
arrangements.
? Over the past 12 months, the Company has dealt with several individuals who are not
acceptable to the Exchange, including those with securities industry disciplinary history.
2. Listing Agreement Sections 1.3, l.8, 2.2 and 2.3 and Listings Policy #25:
The Company continued to allow May Joan Yee (May Joan Liu) to perform as a de facto director and
promoter. The Exchange had previously informed the Company that Ms. Yee was not acceptable to
the Exchange. Non-compliance with the Exchange?s requirement in this regard is a breach of both
the Company?s Listing Agreement and undertakings submitted to the Exchange dated April 18 and
19, 1996, executed by directors of the Company.
3. Listing Agreement Section 2.3 and Listings Policy #6:
Non- interest bearing loans of over $200,000 were made to directors during the fiscal year ending
April 30, 1997. These loans were then offset by expenses incurred by the officers.
The Company failed to disclose these loans in a timely manner. It also failed to obtain the required
prior approval of the Exchange for the non-arm?s length loans.
The Exchange also has concerns regarding trading in the shares of the Company through the accounts
of individuals employed by or closely associated with the Company. It is the opinion of the Exchange
that the trading by these related accounts created a misleading appearance of market activity and
artificial prices.
As a result of the Exchange?s review and in accordance with Listings Policy 25 and the Listing
Agreement, the directors of the Company are not acceptable as directors or officers, or in any similar
function with Exchange listed companies.
The above matters will be referred to the British Columbia Securities Commission and to other regulatory
agencies as appropriate.
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