Chesstown Capital Inc.

July 07, 2010 11:34 ET

Chesstown Capital Inc. Announces Its Transfer to NEX

BURLINGTON, ONTARIO--(Marketwire - July 7, 2010) - Chesstown Capital Inc. ("Chesstown") (TSX VENTURE:CHC.P) announces that, effective Thursday, July 8, 2010, its listing will transfer to NEX, where its shares will be listed under the symbol "CHC.H". NEX is a separate trading board of the TSX Venture Exchange (the "TSXV"). Chesstown's Tier classification will change from Tier 2 to NEX, and the TSXV Filing and Service Office for Chesstown will change from Toronto to NEX. There is no change in Chesstown's name or CUSIP number, and no consolidation of capital. Trading in Chesstown shares remains suspended pursuant to the TSXV Bulletin dated April 1, 2010, as Chesstown continues to work towards closing its previously disclosed qualifying transaction.

In conjunction with the transfer, and effective June 30, 2010, Chesstown cancelled 1,015,001 of its escrowed common shares. Chesstown now has 3,612,701 common shares outstanding, of which 1,015,001 continue to be held in escrow pursuant to the September 25, 2007 escrow agreement between Chesstown, Equity Transfer & Trust Company and certain shareholders.

Chesstown continues to work towards closing its qualifying transaction with Canadian Star Minerals Limited, which was previously disclosed in greater detail in Chesstown's news release dated March 8, 2010. Upon the closing of the qualifying transaction, it is anticipated that the Resulting Issuer will meet the Tier 2 listing requirements of the TSXV for a Mining Issuer.

For Investors

This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Chesstown cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Chesstown currently foresees. Discussion of the various factors that may affect future results is contained in Chesstown's recent filings, available on SEDAR.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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