January 24, 2014 10:55 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 24, 2014) - Alberta Star Development Corp. (TSX VENTURE:ASX)(OTCBB:ASXSF)(FRANKFURT:QLD) advises that it has acquired 406,000 of its common shares through the facilities of the TSX Venture Exchange since implementation of the normal course issuer bid (the "Bid") on May 3, 2013. The Bid has been conducted on behalf of the Company by Jordan Capital Markets Inc. of Vancouver and will terminate on May 3, 2014 or such earlier time as the Bid is completed or at the option of the Company.
The Company is authorized to purchase up to 1,800,000 of its common shares under the Bid. Of the 406,000 shares purchased to date, 290,000 of these shares have been cancelled, with the remaining 116,000 being held for cancellation within the next 60 days.
The highest and lowest prices paid for the purchased shares was $0.24 per share (prior to the return of capital of $0.08 per share to shareholders on July 8, 2013) and $0.13 per share (subsequent to the return of capital distribution). The weighted average price paid per common share was $0.165.
The management of the Company continues to review potential investment opportunities with a view to complimenting its existing mineral exploration assets and enhancing shareholder value. To conserve cash, the Company has taken additional steps to reduce its fixed costs, including termination and renegotiation of contracts with employees and consultants and relocation and downsizing of its office facilities in Vancouver. The Company continues to maintain a strong financial position, with in excess of $6.1 Million in working capital as of today's date and only 21,778,979 shares issued and outstanding.
On behalf of the Board of Directors
Stuart Rogers, President
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.
Alberta Star Development Corp.Stuart RogersPresident(604) firstname.lastname@example.org
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