Polar Resources Corporation (RSN.H-X)
November 02 2011 - 10:10AM
PR Newswire (Canada)
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, Nov. 1, 2011 /CNW/ - Further
to a press release issued on May 13, 2011, Mr. Robert Grey of 2204
- 1275 Pacific Street, Vancouver, BC, has acquired ownership of or
control or direction over 936,667 common shares ("Common Shares")
of Polar Resources Corporation (the "Issuer"). The Common
Shares acquired represent approximately 19.16% of the Issuer's
issued and outstanding Common Shares (based on 4,886,412 Common
Shares issued and outstanding.) Following this acquisition, Mr.
Grey owned, directly and indirectly, and exercised control or
direction over, an aggregate 1,171,426 Common Shares or
approximately 23.97% of the issued and outstanding Common
Shares. Mr. Grey subsequently sold 170,000 Common Shares and
retains ownership of or control or direction over 1,001,426 Common
Shares, being 20.49% of the issued and outstanding Common Shares
(based on 4,886,412 Common Shares issued and outstanding). The
936,667 Common Shares were acquired for investment purposes by Mr.
Grey under a Shares For Debt transaction approved by the TSX
Venture Exchange at $0.15 per Common Share. Mr. Grey intends
to evaluate these holdings and to increase or decrease his
investment in the issuer as circumstances warrant. A report
respecting this acquisition 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.
SIGNED: "Robert C. Grey" Robert C. Grey, President Polar Resources
Corporation CONTACT: Robert C. GreyTelephone: (604) 684-9601Email:
polarcorp@shaw.ca
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