Polar Star Mining Corporation
TSX VENTURE : PSR

Polar Star Mining Corporation

April 01, 2009 15:01 ET

Polar Star Completes Financing

TORONTO, ONTARIO--(Marketwire - April 1, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Polar Star Mining Corporation ("Polar Star" or the "Company") (TSX VENTURE:PSR) is pleased to announce that it has completed a final purchase of 145,000 units under its previously announced brokered private placement (the "Offering"). In aggregate, the Company issued 20,190,143 units of the Company for gross proceeds of $7,066,550.05. The Company has determined not to complete the balance of the approved financing of $8 million at this time.

All securities issued in connection with the Offering are subject to a restricted period that ends no earlier than June 14, 2009.

Polar Star intends to use the net proceeds of the Offering to fund further exploration and development of its mineral properties in Chile and for general corporate purposes.

Not for distribution to United States wire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Polar Star Mining Corporation

Polar Star was created to acquire advanced stage exploration properties focusing on gold, copper, and uranium. The Corporation's material assets include 20 projects in Chile, which are 100% owned and cover approximately 146,112 hectares.

Forward-Looking Statements

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Polar Star Mining Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.

Share Capitalization:

Shares outstanding: 59,431,241 as at April 1, 2009, after completion of the Offering.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Polar Star Mining Corporation
    David J. Libby
    President and Chief Operating Officer
    (416) 368-3496
    info@polarstarmining.com