Virginia Energy Completes Share Conversion Transaction
NR: 10-24
Virginia Energy Resources Inc. (TSX.V: VAE) has completed the share conversion transaction, announced on May 19, 2010, to acquire 2 million shares of VA Uranium Holdings, Inc. ("Virginia Uranium") from Marmot LLC, a company controlled by Norman Reynolds, a director of the Company, in exchange for the issuance of 2.2 million shares of the Company, at a ratio of 1:1.1.
This transaction will increase the Company's direct and indirect holdings in Virginia Uranium from 28.5% to 29.9%.
The technical information in this news release has been reviewed by Michael S. Cathro, P.Geo. the Company's Vice-President of Exploration and a Qualified Person as defined in National Instrument 43-101.
About Virginia Energy Resources Inc.
Virginia Energy Resources Inc. is a uranium development and exploration company. The Company holds a 29.9% stake in the advanced stage Coles Hill uranium project in Virginia. Additionally, the Company is pursuing active exploration programs in the Athabasca Basin on its Murphy River and Hatchet River uranium properties, which are held in a 50-50 Joint Venture with Denison Mines Ltd., and its 100% owned uranium properties in the Otish Basin of Quebec. The Company is also a 37.2% shareholder of Boss Power Corporation. Virginia Energy Resources Inc. trades on the TSX Venture Exchange under the symbol VAE.
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