ALBERTA STAR announces Normal Course Issuer Bid
Alberta Star Development Corp. (TSXV: ASX; OTC BB: ASXSF) (the “Company”) announces today its intention to make a normal course issuer bid (the “Bid”) to purchase for cancellation, from time to time, as it considers advisable, up to 1,700,000 of its issued and outstanding common shares, being approximately 7.85% of the Company’s currently outstanding common shares and approximately 9.66% of the Company’s Public Float (as that term is defined in the policies of the TSX Venture Exchange (the “Exchange”)). Commencement of the Bid is subject to the approval of the Exchange. The Bid will be conducted in accordance with applicable securities laws and the policies of the Exchange. Purchases will be made on the open market through the facilities of the Exchange. Jordan Capital Markets Inc. of Vancouver, British Columbia will conduct the Bid on behalf of the Company.
The price which the Company will pay for any shares purchased by it will be the prevailing market price of such common shares on the Exchange at the time of such purchase. The Bid will commence no earlier than three trading following receipt of approval of the Exchange and will terminate on one year from such date, or such earlier time as the applicable Bid is completed or at the option of the Company.
The Company purchased 487,000 of its common shares pursuant to a normal course issuer bid during the previous 12 months. The weighted average price paid per common share was $0.171.
The Board of Directors of the Company believes that the current and recent market prices for the Company’s common shares do not give full effect to their underlying value and that, accordingly, the purchase of common shares under the Bid will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to current shareholders who would like to dispose of their shares and will serve to stabilize the market price for the Company’s shares.
On behalf of the Board of Directors
Tel: (604) 689-1749
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.