Resource Star: update on Toronto listed Cue Resources, no further interest in acquiring shares

Resource Star (ASX: RSL) has updated the market on the company's interests in the Toronto listed Cue Resources (CVE: CUE)

The company towards the end of 2011 announced that it would not proceed with plans for a strategic interest in Cue, from its major shareholder Red Rock Resources plc (LON: RRR) and Regency Mines plc (LON: RGM).

Resource Star has now advised that on 24 January 2011 Red Rock announced that it had agreed to sell all its interest in Cue Resources to Uranium Energy Corp (NYSE-AMEX:UEC), which has agreed to acquire 100% of Cue Resources for common stock via a plan of arrangement.

On completion of the sale, currently expected in late March 2012, Red Rock will receive common stock in Uranium Energy Corp with a current market value of approximately A$1.33 million.

This was an unsolicited approach by Uranium Energy Corp to Cue Resources, and one that in prevailing market conditions the Cue Board felt was in the best interests of shareholders to accept. As a result of Red Rock’s decision to accept Uranium Energy Corp’s offer, Resource Star has no further interest in acquiring shares in Cue Resources.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24575/resource-star-update-on-toronto-listed-cue-resources-no-further-interest-in-acquiring-shares-24575.html