Shell Stocks

[FL]

Has Akrokeri-Ashanti Gold (AKR.V) become a shell?

Akrokeri-Ashanti Gold Mining (AKR.V) is a Canadian company on the Toronto Venture exchange that had a successful placer gold mine for many years near Kumasi, Ghana (the Bonte Gold Mine, a subsidiary) plus other placer gold properties in Ghana.

(West African Gold explorers and miners are covered in detail at InvestorsHub board:
http://www.investorshub.com/boards/board.asp?board_id=1588 .)

The Bonte Mine had creditor troubles and declining gold grades, and this spring AKR petitioned the Ghana government for dissolution of Bonte. As far as I can tell, some of the other AKR properties were pledged as security to the Bonte creditors; I don't know how many assets (or liabilities) remain in AKR. Today the company web-page (at http://www.aagm.com ) is out-of-date. After the CEO and some directors quit, two director-officers in Ghana stayed on to revive the company, but it was later announced that all officers and all members of the board had resigned. As far as I'm aware now, no dissolution or bankruptcy was filed for AKR.

Meanwhile, the stock price declined from C$0.12 to C$0.01; then trading was halted, but AKR was not delisted. It is still quoted at C$0.01/share. Acording to the TSX web page, there are 40,800,000 shares of AKR outstanding.

Is AKR a shell stock, given these facts? If not, how likely is it to become one?

FL