Shoal Point - Clarification to CEO letter

Rhea-AI Summary

Shoal Point Energy (SHPNF) issued a clarification to their previous CEO letter regarding their listing expenses on the Canadian Securities Exchange (CSE). The company clarified that their earlier stated annual expenses of over $100,000 include not just listing fees, but also legal, accounting, and audit fees. Additionally, the company warned that they face an imminent Cease Trade order, which could result in delisting from the exchange if the default situation is not remedied.

Positive

• None.

Negative

• Company faces potential Cease Trade order and delisting risk
• High annual compliance costs exceeding $100,000 including listing, legal, accounting, and audit fees
• Company appears to be in default of certain requirements

Vancouver, British Columbia--(Newsfile Corp. - June 6, 2025) - In the CEO's letter released yesterday, the statement was made that "Total expenses to maintain our CSE listing amount to over $100,000 per year." We wish to clarify that listing fees are only part of that total, which includes legal fees, accounting fees, audit fees and more.

We also wish to clarify that the next likely step will be a Cease Trade order, which will ultimately lead to a delisting if the default is not corrected.

About Shoal Point Energy Ltd.

Shoal Point Energy Ltd. is a public company listed on the CSE exchange under the symbol "SHP". The company is suing the government of Newfoundland and Labrador for at least $483,000,000 for "de facto expropriation" or "constructive taking" of its rights to develop its oil and gas interests in western Newfoundland.

For further information, please contact:
Mr. Mark Jarvis,
Chief Executive Officer
Tel - 604 681 2300

The Canadian Securities Exchange (CSE) has neither approved nor disapproved the contents of this letter to shareholders.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254788

FAQ

What is the current status of Shoal Point Energy's (SHPNF) CSE listing?

Shoal Point Energy is at risk of receiving a Cease Trade order and potential delisting from the CSE if their current default situation is not corrected.

How much does Shoal Point Energy (SHPNF) spend on maintaining its CSE listing annually?

The company spends over $100,000 annually on combined expenses including listing fees, legal fees, accounting fees, and audit fees.

What could happen if Shoal Point Energy (SHPNF) receives a Cease Trade order?

If Shoal Point Energy receives a Cease Trade order and the default is not corrected, it will ultimately lead to delisting from the CSE.

What types of fees are included in Shoal Point Energy's (SHPNF) annual listing expenses?

The annual expenses include CSE listing fees, legal fees, accounting fees, audit fees, and other related costs.