/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 22, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") is pleased to announce that it has closed the previously announced $15,000,000 best efforts private placement of common shares (the "Offering") led by a syndicate of agents including Thomas Weisel Partners Canada Inc., Patersons Securities Ltd. and GMP Securities LP. A total of 13,625,000 common shares were issued.
An amount of $792,000 has been placed in escrow, pending regulatory approval. In consideration for the services rendered by the agents, the Company will pay a cash fee equal to 6% of the gross proceeds of the Offering and grant to the agents that number of broker warrants equal to 6% of the number of common shares sold pursuant to the Offering, exercisable at $1.10 per warrant, for common shares of the Company for 18 months following closing.
"The support demonstrated by our existing and new shareholders allowed the Company to increase the offering to $15,000,000 from the originally announced $10,000,000" noted Doug Willock, President and CEO. The proceeds of the Offering will be used to finance exploration programs in Chile and for other corporate purposes.
All securities issued in connection with the Offering are subject to the private placement hold period of four months, ending no earlier than July 20, 2010.
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Polar Star Mining Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.
About Polar Star Mining Corporation
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has approximately 274,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.
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.
Shares Outstanding: 83,998,526 as of March 22, 2010.
SOURCE Polar Star Mining Corporation
For further information: For further information: David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496, firstname.lastname@example.org