August 25, 2008
Polar Star Completes Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwire - Aug. 25, 2008) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESPolar Star Mining Corporation (TSX VENTURE:POS)(PINK SHEETS:POSRF) ("Polar Star" or the "Company") is pleased to announce the completion of its non-brokered private placement of 277,000 units of the Company ("Units") for $0.65 per Unit, resulting in gross proceeds of $180,050. Combined with the previously announced completion of its brokered private placement, the Company has issued 7,692,400 Units for $0.65 resulting in total gross proceeds of $5,000,060. Each Unit consists of one common share and one half of one warrant. Each whole warrant entitles the holder to subscribe for one common share for $1.00 per common share for a period of 18 months following the closing of the offer. HudBay Minerals Inc. was the lead order in the previously announced brokered private placement, subscribing for 9.9% of Polar Star's outstanding shares as at July 8, 2008.
About Polar Star Mining Corporation
Polar Star was created to acquire advanced stage exploration properties focusing on gold, copper gold, and uranium. The Corporation's material assets include 20 projects in Chile, which are 100% owned and cover approximately 141,000 hectares.
The statements made in this news release may contain forward- looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, 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.
Shares Outstanding: 39,241,098 as at August 25, 2008.
Business Television Feature:
Polar Star was selected and featured on Business Television in early March 2008. If you missed the show, please click on the link below to watch the full-feature
(c) 2008 Marketwire. Provided by ProQuest LLC. All rights Reserved.