WorldStar Energy, Corp.
OTC Bulletin Board : WSTR

November 05, 2007 14:20 ET

Worldstar Energy, Corp. to Acquire Additional Ownership in Mongolian Mineral Interests

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2007) - Worldstar Energy, Corp. (OTCBB:WSTR) ("Worldstar") is pleased to announce that it has completed a share purchase agreement (the "Share Purchase Agreement") with the shareholders of Bulgan Gold Investment Limited ("Bulgan GIL"), a Hong Kong corporation, and Bulgan Gold (Hong Kong) Limited ("BGHK"), a Hong Kong corporation, (collectively, the "Acquisition").

As part of the Acquisition, Worldstar acquires 2% of the issued and outstanding Bulgan GIL shares and acquires 18% of the issued and outstanding BGHK shares. The consideration payable by Worldstar to the shareholders of Bulgan GIL and BGHK is a total of US$1,000,000 cash and 10,208,791 Worldstar common shares without par value in the capital of the Worldstar having a value of US$1.00 per share. Total shares outstanding following this transaction will be 67,970,625.

As a result of the Acquisition, Worldstar owns 100% of National Base Investment Limited, a Hong Kong corporation, which in turn owns 100% of Bulgan GIL, which in turn owns 70% of BGHK which owns 100% of Bulgan Gold LLC ("Bulgan Mongolia"), a Mongolian corporation. In addition, as a result of the Acquisition, Worldstar has increased their indirect ownership from 50.96% to 70% in 50 mineral licenses in Mongolia (the "Mongolian Licences") that are directly owned by Bulgan Mongolia.

The Mongolian Licenses cover an aggregate of some 817,000 hectares (8,200 square kilometers) of lands believed to be prospective for base and precious minerals in Mongolia. The Mongolian Licenses were described in Worldstar's new release on February 11, 2007.

Worldstar is also pleased to announce that all of its administration and business operations will be managed from Worldstar's headquarters located at 5th Floor, Pico Tower, No. 66 Gloucester Road, Wanchai, Hong Kong.

On Behalf of Worldstar Energy, Corp.

Richard T.S. Tay, CEO

Information for US Persons and Forward Looking Information

The securities referred to herein have not been, and will not be, offered nor issued to any person in the United States or to any US person (as defined in Rule 902 of Regulation S under the Securities Act of 1933, as amended (the "Securities Act")) and this information is not intended to constitute an offer of securities for sale in the United States or to any U.S. person. The securities referred to have not been, and will not be, registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This release includes certain statements that may be deemed "forward-looking statements" in that until definitive agreements are executed and required documentation received, there can be no certainty that the put/call and financing transactions described above will complete as described, in some other manner or at all. The results of ongoing due diligence reviews, developments in international financial markets and other geopolitical events as well as other factors may intervene to prevent closing of the transactions. For more information on the Company, and the risk factors inherent to its business, Investors should review the Company's most recent annual report on Form 10-KSB, its most recent quarterly report on Form 10-QSB, and its current reports on Form 8-K, as filed with the United States Securities and Exchange Commission.

Shares outstanding - 57,761,834

No regulatory authority has either approved or disapproved of the contents of the news release.

Contact Information

  • WorldStar Energy, Corp.
    Michael Kinley
    (604) 434-5256
    (604) 434-5488 (FAX)