SEPTEMBER UPDATE. In 2008 WINFIELD was awarded License’s to build, own and operate 300,000 barrel per day oil refineries in both Ras Lanuf, Libya and Nouakchott, Mauritania.
Each License has a term of 25 years. Our feed stock arrangement with the NOC is subject to a yearly review for activity on our part. During this year WINFIELD negotiated a land allotment at Ras Lanuf from the National Oil Corporation of Libya.
WINFIELD has chosen to list its shares on the Canadian National Stock Exchange, CNSX.
To meet the CNSX minimum listing requirements WINFIELD must retire all debt and have $50,000 in general working capital.
Delays in completing the 2007 Audited Financial Statements have had the domino effect of putting the 2008 Audit behind.
The 2007 Audited Financial Statements were completed 13 days before the 2008 were due, hence the backlog.
WINFIELD is refinancing by way of a $0.05 Units Private Placement.
Of the first $384,000 raised earlier 90% went to pay down debt accumulated in 2008.
Audit related expense remains at $90,000.00. WINFIELD is now completing the 2008 Audited Financial Statements and the Interim Financial Statements for the period ending June 30, 2009. Once completed the statements will be incorporated into our CNSX Listing Statement. At that point WINFIELD RESOURCES LIMITED will be called to trade on the CNSX Trading Symbol "WWF".
WINFIELD now anticipates completion of its 2008 Audited Financial Statements in late October, 2009.
The following is a sequence of past and future events pertaining to listing the Company on the CNSX:
1. The Company was advised by its auditors that the audit of the financial statements for the year ended December 31, 2007 would not be completed by the filing deadline of April 29, 2008.
2. On April 17, 2008 the Company applied to the BCSC for a MCTO and extension to file the audited financial statements for the year ended December 31, 2007.
3. On April 30, 2008 the Company obtained a MCTO from the BCSC on April 30, 2008.
4. On July 8, 2008 the Company was cease traded by the BCSC for failure to file its annual filings for the year ended December 31, 2007 and its interim filings for the three months ended march 31, 2008.
5. On October 10, 2008 the Company was cease traded by the ASC for failure to file its annual filings for the year ended December 31, 2008 and its interim filings for the three months ended March 31, 2008 and the six months ended June 30, 2008.
6. On December 23, 2008 the Company made applications to the ASC and BCSC for a partial revocation of the CTO to complete a private placement to raise the necessary funds to complete the audited financial statements for the year ended December 31, 2007 and prepare the interim financial statements for 2008.
7. On January 9, 2009 the ASC and BCSC granted partial revocation orders to allow the Company to complete the private placement.
8. On April 22, 2009 the Company completed a private placement of 3,000,000 units at $0.05 per unit. Each unit consisted of one common share and a warrant to purchase an additional common shares at an exercise price of $0.10 per share on or before April 22, 2011.
9. On April 22, 2009 the Company filed an application under NP 12-202 with each of the BCSC and ASC for a full revocation of the cease trade orders. This application included paper filing of its annual filings for the year ended December 31, 2007 and its interim filings for the three months ended March 31, 2008, six months ended June 30, 2008, nine months ended September 30, 2008 and twelve months ended December 31, 2008.
10. On April 23, 2009 the Company filed its initial application for listing with the CNSX.
12. On April 29, 2009 the Company changed its year end from Dec 31 to March 31.
13. After completion of a continuous disclosure review required under NP 12-202 the Company filed on June 26, 2009 its annual filings for the year ended December 31, 2007 and its interim filings for the three months ended March 31, 2008.
14. After completion of a continuous disclosure review required under NP 12-202 the Company filed on July 7, 2009 its interim filings for the six months ended June 30, 2008 and the nine months ended September 30, 2008.
15. After completion of a continuous disclosure review required under NP 12-202 the Company filed on July 10, 2009 its interim filings for the twelve months ended December 31, 2008.
16. On July 17, 2009 the BCSC and ASC revoked their cease trade orders.
17. On July 28, 2009 the Company applied to the BCSC to have the MCTO continued while the Company was completing its annual filings for the year ended March 31, 2008 and the three months ended June 30, 2009.
18. On July 30, 2009 the Company completed a private placement of 7,690,000 units at $0.05 per unit. Each unit consisted of one common share and a warrant to purchase an additional common share at an exercise price of $0.10 per share on or before July 30, 2011.
19. On August 11, 2009 the Company was advised by the BCSC that the MCTO would be continued until September 30, 2009.
20. The Company is currently having its financial statements for the year ended March 31, 2009 audited by its new auditor BDO Dunwoody LLP. The Company is also having its interim financial statements for the three months ended June 30, 2009 prepared by its accountants, Manning Elliot LLP.
21. Upon completion and filing of its annual and interim filings the Company will update and re-file its initial listing documentation with the CNSX.
22. The CNSX will conditionally approve the Company for listing and invite the Company to file its final listing documentation.
23. The Company will commence trading on the CNSX.
