POLAR RESOURCES CORPORATION - Issuance of Shares for Debt
February 24 2011 - 12:30PM
PR Newswire (Canada)
VANCOUVER, Feb. 24 /CNW/ -- VANCOUVER, Feb. 24 /CNW/ - POLAR
RESOURCES CORPORATION (NEX: RSN.H) (the "Corporation")
intends to issue shares of the Corporation to a non-arm's length
parties in satisfaction of debt owed by the Corporation. The
Corporation entered into a Share for Debt Agreement dated effective
February 16, 2011 with Estevan Investments Ltd. ("Estevan") and Mr.
Robert C. Grey to settle debt in the principal amount of
$223,000. Mr. Grey is a director, officer and sole
shareholder of Estevan and he is also a director and officer of the
Corporation. The Corporation has also entered into a Shares for
Debt Agreement dated effective February 16, 2011 with Mr. Chris
Cooper and Styles Management Inc. ("Styles") to settle the
principal amount of $63,999.90 ($60,000 plus tax). Mr. Cooper is a
director and sole shareholder of Styles and he is also a director
of the Corporation. The Corporation currently has 3,609,745 common
shares issued and outstanding. Subject to all regulatory
approvals, the Corporation intends to issue 1,486,667 common shares
to Estevan at a price of $0.15 per common share and 426,666 common
shares to Styles, also at a price of $0.15 per common share. The
common shares last traded at $0.20 per common share and the pricing
of the common shares under the proposed transactions is based upon
the Discounted Market Price for the common shares on the date of
the agreements. The issuance of any common shares of the
Corporation is subject to any and all required regulatory approvals
and the acceptance of the NEX and the TSX Venture Exchange. 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. On behalf of POLAR RESOURCES
CORPORATION "Robert C. Grey" Robert C. Grey, President To view this
news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/24/c5809.html
pPolar Resources Corporationbr/ Robert C. Grey, Presidentbr/
Telephone: (604) 684-9601br/ Email: a
href="mailto:polarcorp@shaw.ca"polarcorp@shaw.ca/a/p
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