This press release is issued pursuant to Multilateral Instrument 62-104
- Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting
VANCOUVER, Jan. 13, 2012 /CNW/ - Glenda Grey of 2204 - 1275 Pacific
Street, Vancouver, BC, has acquired ownership of or control or
direction over 215,000 common shares ("Common Shares") of Polar
Resources Corporation (the "Issuer") at a price of $0.15 per Common
Share. The Common Shares acquired represent approximately 4.3% of the
Issuer's issued and outstanding Common Shares (based on 4,886,412
Common Shares issued and outstanding.)
Before this Glenda Grey owned or controlled 378,470 Common Shares of the
"Issuer" being 7.75% of the issued and outstanding Common Shares.
Following this acquisition, Glenda Grey will personally own, directly
and indirectly, and exercise control or direction over, an aggregate
593,470 Common Shares or approximately 12.14% of the issued and
outstanding Common Shares (all based on 4,886,412 Common Shares issued
and outstanding.). The 215,000 Common Shares acquired by Ms. Grey were
purchased from the holdings of Robert Grey, an officer and director of
the issuer through the facilities of the NEX, a division of the TSX
Venture Exchange (the "Exchange"). Glenda Grey is married to Robert
Grey. Together with the share holdings of Robert Grey, Robert and
Glenda Grey will own, directly and indirectly, and exercise control or
direction over, an aggregate 1,378,926 Common Shares or approximately
28.24% of the issued and outstanding Common Shares (based on 4,886,412
Common Shares issued and outstanding) and each of Glenda Grey and
Robert Grey will be considered a "control person" under applicable
Ms. Grey is acquiring the Common Shares to generate cash that will be
loaned to the Issuer for general corporate purposes. Ms. Grey intends
to evaluate her security holdings and to increase or decrease the
investment as circumstances warrant.
A report respecting this acquisition and the disposition by Robert Grey
will be electronically filed with the Securities Commission in each
jurisdiction where the Issuer is reporting and will be available for
viewing through the Internet at the Canadian System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The NEX or TSX Venture Exchange have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Except for the historical information contained herein, this press
release contains statements that constitute forward-looking statements,
as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statement inherently involve risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements. Factors that may cause or contribute to
such differences include, among other things, the Corporation's ability
to close the proposed transaction. Other risks and uncertainties
include changes in business conditions and the economy in general,
changes in governmental regulations, unforeseen litigation and other
risk factors identified in the Corporation's public filings under "Risk
Factors". The Corporation undertakes no obligation to update these
forward-looking statements for revisions or changes after the date of
this press release.
"Robert C. Grey"
Robert C. Grey, President
SOURCE Polar Resources Corporation
For further information:
Robert C. Grey
Telephone: (604) 684-9601