Trading in Loyalist shares suspended

The Ontario Securities Commission (OSC) has suspended trading of shares of Ontario-based The Loyalist Insurance Group Ltd. (TSX: LOY), which is listed on TSX’s venture exchange. The cease trade order was issued on grounds that Loyalist failed to file its audited annual statements for 2004 within the required filing period.Loyalist recently concluded a private debt placement totaling $1.25 million which a company statement says "the proceeds will be used to provide additional capital and surplus for The Loyalist Insurance Co.". The private placement was initially announced in April of last year, however, Loyalist ran afoul of TSX requirements and was delisted in November of last year. The company’s listing on the venture exchange commenced again in late January 2005.