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 Issues.
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 securities legislation.
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
For further information:
Robert C. Grey
Telephone: (604) 684-9601