Genetic Diagnostics Technologies Corp. and Polar Mining Corporation close financings and reverse take-over transaction



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    TORONTO, Aug. 8 /CNW/ - Polar Star Mining Corporation ("Polar Star" or
the "Company") (TSXV: POS) is pleased to report the closing on August 1, 2007
of the previously announced reverse take-over transaction between Genetic
Diagnostics Technologies Corp. ("GDD") and Polar Mining Corporation ("Polar")
resulting in the formation of Polar Star, as well as the closing of the
related private placement financings by each of GDD and Polar, all as
principally described in the joint management information circular of GDD and
Polar dated June 29, 2007. Conditional approval for the listing of the shares
of Polar Star has been received from the TSX Venture Exchange (the "Venture
Exchange") and the shares are expected to commence trading shortly under the
symbol POS.
    Doug Willock, the President and Chief Executive Officer of Polar Star,
stated, "Becoming a public company represents a significant milestone in Polar
Star's evolution. The discovery and development of mineral deposits is greatly
strengthened by the additional liquidity and access to capital that a share
listing provides. We thank the shareholders of GDD and Polar for their strong
support and patience in completing this transaction."

    Completion of Reverse Take-Over Transaction

    In connection with the reverse take-over transaction, the following
transactions were completed:

    
    1.  Polar completed a $1,000,000 equity financing pursuant to which
        1,333,333 units of Polar ("Polar Units") were issued at a price of
        $0.75 per unit, each unit comprised of one common share of Polar
        ("Polar Share") and one-half of one Polar Share purchase warrant
        ("Polar Private Placement Warrant"), each whole warrant entitling the
        holder to acquire one Polar Share at a price of $1.00 per share for a
        period of 18 months from the date of issue. In addition, 52,000
        broker warrants ("Polar Private Placement Broker Warrants") were
        issued, each broker warrant entitling the holder to acquire one Polar
        Unit at a price of $0.75 per unit for a period of 18 months from the
        date of issue.

    2.  GDD completed a $1,000,000 equity financing pursuant to which
        4,545,455 units of GDD ("GDD Units") were issued at a price of $0.22
        per unit, each unit comprised of one common share of GDD ("GDD
        Share") and one-half of one GDD Share purchase warrant ("GDD Private
        Placement Warrant"), each whole warrant entitling the holder to
        acquire one GDD Share at a price of $0.30 per share for a period of
        18 months from the date of issue. In addition, 193,818 agent's
        options ("GDD Private Placement Agent's Options") were issued, each
        agent's option entitling the holder to acquire one GDD Unit at a
        price of $0.22 per unit for a period of 18 months from the date of
        issue.

    3.  GDD amended its stock option plan to amend the number of GDD Shares
        reserved for issuance thereunder to a number which is equal to 10% of
        the number of issued and outstanding GDD Shares (i.e. a 10% rolling
        plan).

    4.  Polar was continued under the Canada Business Corporations Act.

    5.  GDD and Polar amalgamated pursuant to the provisions of the Canada
        Business Corporations Act to form Polar Star (the "Amalgamation").
    

    Terms of the Amalgamation and Post-Amalgamation Capitalization

    The authorized capital of Polar Star consists of an unlimited number of
common shares ("Polar Star Shares"). Upon the Amalgamation, the outstanding
securities of Polar and GDD were exchanged for securities of Polar Star on a
1:1 and 3.36:1 basis, respectively. Accordingly, the outstanding 17,628,333
Polar Shares were exchanged for 17,628,333 Polar Star Shares and the
outstanding 40,517,000 GDD Shares were exchanged for 12,058,631 Polar Star
Shares, totaling 29,686,964 Polar Star Shares (35,880,707 Polar Star Shares on
a fully-diluted basis as set out below). Additionally, the following
securities of each of Polar and GDD were exchanged for the following
securities of Polar Star: (i) the 1,647,500 existing share purchase warrants
of Polar were exchanged for 1,647,500 Polar Star Share purchase warrants, each
such warrant entitling the holder to acquire one Polar Star Share at a price
of $0.65 per share until June 30, 2008; (ii) the 666,667 Polar Private
Placement Warrants were exchanged for 666,667 Polar Star Share purchase
warrants ("Polar Star Private Placement Warrants"), each such warrant
entitling the holder to acquire one Polar Star Share at a price of $1.00 per
share for a period of 18 months from the date of issue; (iii) the existing
234,000 Polar broker warrants were exchanged for 234,000 Polar Star broker
warrants, each such broker warrant entitling the holder to acquire one Polar
Star Share at a price of $0.65 per share until December 31, 2008; (iv) the
52,000 Polar Private Placement Broker Warrants were exchanged for 52,000 Polar
Star broker warrants, each such broker warrant entitling the holder to acquire
one unit of Polar Star ("Polar Star Unit") at a price of $0.75 per unit for a
period of 18 months from the date of issue, each such unit comprised of one
Polar Star Share and one-half of one Polar Star Private Placement Warrant; (v)
the 400,000 outstanding stock options of Polar were exchanged for 400,000
stock options of Polar Star, each such stock option entitling the holder to
acquire one Polar Star Share at a price of $0.25 per share for 200,000 stock
options and at a price of $0.50 per share for the balance, until assorted
expiry dates; (vi) the 2,272,728 GDD Private Placement Warrants were exchanged
for 676,407 Polar Star Private Placement Warrants; (vii) the 198,818 GDD
Private Placement Agent's Options were exchanged for 57,684 Polar Star agent's
options, each such agent's option entitling the holder to acquire one Polar
Star Unit at a price of $0.75 per unit for a period of 18 months from the date
of issue; and (viii) the 150,000 outstanding stock options of GDD were
exchanged for 44,643 stock options of Polar Star, each such stock option
entitling the holder to acquire one Polar Star Share at a price of $0.84 per
share, until assorted expiry dates. In addition, 2,360,000 new stock options
of Polar Star were granted to certain officers, directors consultants and
employees of the Company, each such stock option entitling the holder to
acquire one Polar Star Share at a price of $0.75 per share until five years
from the date of issuance, in accordance with its terms.

    Securities of Polar Star in Escrow

    In connection with the Amalgamation, 8,100,000 Polar Star Shares, 50,000
warrants to acquire Polar Star Shares and 400,000 options to acquire Polar
Star Shares are subject to a six year escrow term with periodic release dates,
with the first 5% to be released six months from the date of the final Venture
Exchange bulletin, and the final 10% to be released six years from the date of
the final Venture Exchange bulletin.

    Directors and Management of Polar Star

    The directors of Polar Star are Stephen G. Roman, T. Douglas Willock, H.
Douglas Scharf, Derek C. Rance, David G. Speck and Perry N. Dellelce. The
officers of Polar Star are Stephen G. Roman, Executive Chairman, T. Douglas
Willock, President and Chief Executive Officer, and H. Douglas Scharf, Chief
Financial Officer.

    About Polar Star

    Polar Star was created to acquire advanced stage exploration properties
focusing on gold, copper-gold and uranium, and is currently participating in
the acquisition, exploration and development of mineral claims in Canada and
Chile.

    The Venture Exchange does not accept responsibility for the adequacy or
    accuracy of this release.

    Certain information regarding the Company contained herein may constitute
forward-looking information under applicable securities laws. Such statements
are subject to known or unknown risks and uncertainties that may cause actual
results to differ materially from those anticipated or implied in the
forward-looking statements. Important factors that could cause actual results
to differ materially from these forward looking statements may be found in the
Company's documents filed from time to time with the Canadian securities
authorities. The Company does not assume the obligation to revise or update
these forward looking statements after the date of this document or to revise
them to reflect the occurrence of future unanticipated events, except as may
be required under applicable securities laws.





For further information:

For further information: T. Douglas Willock, President and Chief
Executive Officer, Polar Star Mining Corporation, Telephone: (416) 368-3949

Organization Profile

Polar Star Mining Corporation

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