VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 27, 2014) - Alberta Star Development Corp. (TSX VENTURE:ASX)(ASXSF)(FRANKFURT:QLD) is pleased to announce that it received shareholder approval of its proposed change of business (the "Change of Business") to a Tier 2 investment company at its annual general and special meeting (the "Meeting") held June 24, 2014. Shareholders also approved a change of name to "Elysee Capital Corp.", to be effected in due course. For more information regarding the Change of Business please refer to our news releases dated May 22, 2014 and June 12, 2014 as well as the management information circular (the "Circular") prepared in respect of the Meeting, all of which are available at www.sedar.com.
At the Meeting, a total of 6,488,957 shares were represented out of 21,655,974 shares issued, of which 99.83% voted in favour of the Change of Business. In addition, Stuart Rogers, Guido Cloetens, Martin Burian, Tom Ogryzlo and Erwin Holsters were re-elected as directors of Alberta Star. Following the Meeting, the directors appointed Guido Cloetens as Chairman, Stuart Rogers as President and Chief Executive Officer and Gordon Steblin as Chief Financial Officer. Appointed as members of the investment committee were Stuart Rogers, Guido Cloetens and Martin Burian with Tom Ogryzlo, Erwin Holsters and Martin Burian appointed as members of the audit committee.
Alberta Star has previously received conditional approval of the Change of Business from the TSX Venture Exchange (the "TSXV"). Alberta Star currently has approximately $5.8 Million in cash and cash equivalents and holds investments valued at approximately $825,000 as of May 31, 2014. The Company is currently reviewing investments that conform with its investment policy and proposes to invest a further $1,000,000 in order to satisfy the listing requirements of the TSXV. The Company plans to issue a news release with comprehensive disclosure of each proposed investment.
Completion of the Change of Business remains subject to final TSXV acceptance and there can be no assurance that the Change of Business will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of Alberta Star should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Change of Business and has neither approved nor disapproved the contents of this press release.