SASKATOON, SK, August 4, 2010 /CNW/ - Star Uranium Corp. (SUV - TSX Venture) Star Uranium Corp. ("Star Uranium") has received approval from the TSX Venture Exchange (the "Exchange") to commence a normal course issuer bid (the "Bid") to purchase up to 6,702,668 of its common shares ("Shares"), representing 10% of the Star Uranium's public float of 67,026,685 issued and outstanding Shares, as at July 29, 2010.
Under the Exchange's policies, the Bid will commence on August 6, 2010 and will end on the earlier of August 5, 2011, or at such time as the Bid has been completed or the Bid is terminated at Star Uranium's discretion. Star Uranium has not participated in a normal course issuer bid within the twelve months preceding today's date. Any of the Shares purchased by Star Uranium under the Bid will be cancelled and returned to treasury.
Star Uranium is of the opinion that due to the volatility in global equity markets, the recent trading price of Star Uranium's shares does not fully reflect the strong working capital position of Star Uranium and the value of Star Uranium's land position in Saskatchewan. Star Uranium believes that a repurchase of its common shares will add shareholder value.
Shares will be purchased on the open market through the facilities of the Exchange by National Bank Financial Inc., and the purchase and payment for the acquired Shares will be made by Star Uranium in accordance with the requirements of the Exchange. The price paid by Star Uranium for any acquired Shares will be the market price at the time of acquisition. All Shares purchased by Star Uranium under the Bid will be cancelled. Funding for the Bid will be from Star Uranium's working capital. Share purchases under the bid will be made at management's discretion based on market conditions. Star Uranium has no obligation to make any purchases under the bid.
For more information please visit our website at www.staruranium.com.
ON BEHALF OF THE BOARD
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Star Uranium Corp.
For further information: For further information: Star Uranium Corp., Kyle Kozuska, 306-664-3828, Facsimile: 306-244-0042, www.staruranium.com, email@example.com