Alberta Star Receives Conditional Approval for Change of Business to an Investment Issuer
June 12 2014 - 4:14PM
Marketwired
Alberta Star Receives Conditional Approval for Change of Business
to an Investment Issuer
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 12, 2014) -
Alberta Star Development Corp.
(TSX-VENTURE:ASX)(OTCBB:ASXSF)(FRANKFURT:QLD) is pleased to
announce that it has received conditional approval from the TSX
Venture Exchange ("TSXV") for its proposed change of business to a
Tier 2 investment company (see our news release of May 22,
2014).
The Company has determined to refocus its business operations
from a "mining issuer" to an "investment issuer" after a strategic
review. The Company believes that the experience and contacts of
its directors and management will enable it to identify and
capitalize upon investment opportunities as an "investment issuer".
Management has adopted an investment policy that will provide,
among other things, that: (a) the Company will seek high return
investment opportunities in privately held and in publicly traded
companies with a focus on publicly traded resource issuers; (b) the
Company will seek to preserve capital and limit downside risk while
achieving a reasonable rate of capital appreciation; and (c) the
Company will seek investments that provide liquidity.
Alberta Star currently has $5.8 Million in cash and cash
equivalents and holds investments valued at approximately $825,000
as of May 31, 2014. The Company is actively reviewing investments
that conform with its investment policy and proposes a minimum of
$1,000,000 upon receipt of shareholder approval at its Annual
General Meeting scheduled for June 24, 2014. The Company will issue
a news release with comprehensive disclosure of each proposed
investment, the closing of which will be subject to TSXV
approval.
Completion of the Change of Business is subject to a number of
conditions, including TSXV acceptance and shareholder approval. The
transaction cannot close until the required shareholder approval is
obtained and there can be no assurance that the Proposed COB will
be completed as proposed or at all. Investors are cautioned that,
except as disclosed in the Circular that has been prepared in
connection with the proposed Change of Business, any information
released or received with respect to the transaction may not be
accurate or complete and should not be relied upon. The Circular is
available under the Company's filings at www.sedar.com. Trading in
the securities of the Company should be considered highly
speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the Proposed COB and has neither approved nor disapproved
the contents of this press release.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as the
term is defined in the Policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Caution Regarding
Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the proposed Change of Business. These statements are
subject to a number of risks and uncertainties. Actual results may
differ materially from results contemplated by the forward-looking
statements. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and should not place
undue reliance on such forward-looking statements. The Company does
not undertake to update any forward looking statements, oral or
written, made by itself or on its behalf, except as required by
applicable law.
Alberta Star Development Corp.Stuart RogersPresident & Chief
Executive Officer(604) 689-1749
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