Grand Pacaraima Gold Corp. Orders NOBO List to Reveal Suspected Substantial Short Position
Wednesday November 28, 6:00 am ET
LONDON--(MARKET WIRE)--Nov 28, 2007 -- Grand Pacaraima Gold Corp.'s (Other OTC:GPGD.PK - News) management has ordered a current Non Objecting Beneficial Owners list (NOBO list) from Broadridge, Inc. The NOBO list shows a more complete and comprehensive shareholder profile than is typically available on a shareholder list provided by the transfer agent. In addition, management is ordering reports from the Depository Trust Corporation (DTC) for further examination. Both lists will be utilized to uncover possible short positions. Company management suspects that the substantial short position exists and was increased after the recent issuance dividend of stock to Modern Energy Corporation shareholders. The NOBO list will be used to determine the naked short positions in Grand Pacaraima Gold Corp. common stock. The NOBO list will be compared to the reports from the DTC which contains data regarding all brokers and amounts of shares being held for investors. These lists will be used to get a total amount of shares owned by all shareholders and any naked short positions.
The company would like to advise its shareholders to ensure their accounts have not lent out their stock without the shareholder's knowledge and consent. Shareholders are also advised to ask their brokers' compliance departments if any part of their stock position has been loaned to potential short sellers.
Our corporate advisors and legal parties have agreed that we must take action against suspected naked short selling of its or anyone's securities in the marketplace. The company will take all necessary action to protect its shareholders' investments.
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