TORONTO, April 8, 2009 /CNW/ - Doug Willock and his supporting
shareholders feel compelled to respond to the RiskMetrics' endorsement of the
present Board of Polar Star Mining.
It is very important, and fundamental to understanding the reasons for
this proxy solicitation, to remember some key facts:
- We are shareholders of Polar Star Mining who represent both large
institutions and seasoned professionals with serious concerns about
the present Board. This is the reason that Doug Willock, as a
significant shareholder, took it upon himself to speak on our behalf
and request a Special Shareholders' Meeting.
- A group of us, representing over 40 percent of the issued and
outstanding shares at that time, met and spoke with certain Board
members requesting their resignations, but was ignored.
- Within one day of Doug Willock's termination as President and CEO of
Polar Star Mining, 53.6 percent of the current shareholders sent him
letters of support.
- The $7 million financing arranged by the present Board was designed
to dilute these shareholders. The fact that we invested $4 million
(the maximum we were allowed to contribute) further demonstrates our
determination to have our voices heard by minimizing the dilution of
our investment. We are not at all indifferent to the composition of
The fundamental issue at Polar Star is the glaring lack of shareholder
democracy. Considering the above, it is difficult to understand RiskMetrics'
statement that "no significant abuse of shareholders' rights is apparent in
the Board's actions". Because Mr. Roman and certain Board members chose to
ignore the majority of Polar Star's shareholders, this costly proxy
solicitation which began on January 23, 2009, continues to deplete the
Shareholders are urged to vote the BLUE proxy FOR the resolution to
remove the current Polar Star Mining Corporation Board of Directors and
replace them with nominees named in the Proxy Circular dated March 9, 2009.
Permission to quote from RiskMetrics was neither sought nor obtained.
How to vote your proxies:
In order to be voted at the meeting, your proxy must be returned to
Kingsdale prior to 5:00 p.m. (Toronto time) on April 14, 2009. If you cannot
meet this deadline, we recommend that you fax your proxy to Kingsdale at (416)
867-2271 or 1-866-545-5580 in any event. For assistance, please call Kingsdale
(toll free) at 1-800-749-9052.
For further information:
For further information: Investor Contact: Kingsdale Shareholder
Services Inc., Marcus N. Campbell, T: (416) 867-2357; Proxy Solicitation Firm:
Kingsdale Shareholder Services Inc., North American Toll Free Phone:
1-800-749-9052, Outside North America, Banks and Brokers Call Collect: (416)
867-2272, Fax Number: (416) 867-2271, Toll-Free Fax: 1-866-545-5580,