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, Nov. 1, 2011 /CNW/ - Further to a press release issued on May
13, 2011, Mr. Robert Grey of 2204 - 1275 Pacific Street, Vancouver, BC,
has acquired ownership of or control or direction over 936,667 common
shares ("Common Shares") of Polar Resources Corporation (the
"Issuer"). The Common Shares acquired represent approximately 19.16%
of the Issuer's issued and outstanding Common Shares (based on
4,886,412 Common Shares issued and outstanding.)
Following this acquisition, Mr. Grey owned, directly and indirectly, and
exercised control or direction over, an aggregate 1,171,426 Common
Shares or approximately 23.97% of the issued and outstanding Common
Shares. Mr. Grey subsequently sold 170,000 Common Shares and retains
ownership of or control or direction over 1,001,426 Common Shares,
being 20.49% of the issued and outstanding Common Shares (based on
4,886,412 Common Shares issued and outstanding).
The 936,667 Common Shares were acquired for investment purposes by Mr.
Grey under a Shares For Debt transaction approved by the TSX Venture
Exchange at $0.15 per Common Share. Mr. Grey intends to evaluate these
holdings and to increase or decrease his investment in the issuer as
A report respecting this acquisition 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)
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