/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, June 14, 2012 /CNW/ - Polar Star Mining Corporation (TSX: PSR) ("Polar Star" or the "Company") announces that it has completed, subject to regulatory approval, a non-brokered private placement of common shares of the Company, at a price of $0.25 per common share, for gross proceeds of $1,080,000.
The net proceeds of the private placement will be used to finance ongoing exploration and development programs and for general corporate purposes.
About Polar Star
Polar Star Mining Corporation (TSX: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. Its flagship property, Montezuma, covers 40 kilometres of the West Fault and the cross-cutting Esperanza Fault system and is located between Codelco's Radomiro Tomic - Chuquicamata - Ministro Hales (formerly known as Mansa Mina) group of copper-molybdenum porphyry deposits, and Antofagasta PLC's El Tesoro - Esperanza - Polo Sur group of copper-gold porphyry deposits.
Shares outstanding: 99,276,001 as at June 14, 2012.
For further information:
Adam Rochacewich, CFO
Tel: (416) 368-3496
Email: [email protected]