Polar Resources Corporation or the Corporation (RSN.H-X)
October 27 2011 - 6:11AM
PR Newswire (Canada)
VANCOUVER, Oct. 27, 2011 /CNW/ - Robert Constantine Grey, President
and Director of the Corporation is pleased to announce a private
placement of up to 1,000,000 common shares at a price of $0.13 per
common share. The Corporation obtained price protection for the
private placement from the NEX on October 17, 2011. It is intended
that proceeds from the private placement will be used for general
corporate purposes. The Corporation has terminated the
Participation and Joint Venture Agreement with Topaz Resources and
RMJ Inc., previously announced in March 2011. The Corporation has
signed a memorandum of understanding with Boss Resources
Corporation (Boss) and Reatta Oil and Gas Corporation (Reatta)
reflecting an association between the parties if, as and when oil
and gas properties are acquired. The memorandum of understanding
does not contain any financial obligations on the parties and any
agreements relating to the acquisition of oil and gas properties
will require binding agreements and documentation together with
requisite regulatory approvals. Polar, Boss and Reatta have
identified and are evaluating an acquisition in the Western
Canadian Sedimentary Basin (WCSB). In the event of a joint
acquisition, Boss will act as operator under a standard CAPL
agreement. The principles of Boss and Reatta consist of a
reservoir engineer, landman, geologist and production engineer with
Enhanced Oil Recovery experience. Each of these professionals
have over 25 years of experience in each discipline ion the
WCSB. The group intends to act together in the future
on an un-promoted basis, but each is free to act independently as
well. Mr. Grey remarked that, "Polar is indeed fortunate to become
associated with a seasoned group of Oil and Gas professionals who
will evaluate acquisitions and farm-ins brought forward by Polar to
the group. Having access to their experience and professional
knowledge in future in a way where everyone pays their share
of the project provides tremendous value to Polar and will benefit
us significantly over time." The transactions contemplated by the
Corporation are subject to receipt of 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 Polar Resources Corporation CONTACT: Polar
Resources CorporationRobert C. Grey, PresidentTelephone: (604)
684-9601Email: polarcorp@shaw.ca
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