Polar Resources Corporation
10 Janeiro 2012 - 10:37PM
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, Jan. 13, 2012 /CNW/ - Glenda
Grey of 2204 - 1275 Pacific Street, Vancouver, BC, has acquired
ownership of or control or direction over 215,000 common shares
("Common Shares") of Polar Resources Corporation (the "Issuer") at
a price of $0.15 per Common Share. The Common Shares acquired
represent approximately 4.3% of the Issuer's issued and outstanding
Common Shares (based on 4,886,412 Common Shares issued and
outstanding.) Before this Glenda Grey owned or controlled 378,470
Common Shares of the "Issuer" being 7.75% of the issued and
outstanding Common Shares. Following this acquisition, Glenda Grey
will personally own, directly and indirectly, and exercise control
or direction over, an aggregate 593,470 Common Shares or
approximately 12.14% of the issued and outstanding Common Shares
(all based on 4,886,412 Common Shares issued and outstanding.). The
215,000 Common Shares acquired by Ms. Grey were purchased from the
holdings of Robert Grey, an officer and director of the issuer
through the facilities of the NEX, a division of the TSX Venture
Exchange (the "Exchange"). Glenda Grey is married to Robert Grey.
Together with the share holdings of Robert Grey, Robert and Glenda
Grey will own, directly and indirectly, and exercise control or
direction over, an aggregate 1,378,926 Common Shares or
approximately 28.24% of the issued and outstanding Common Shares
(based on 4,886,412 Common Shares issued and outstanding) and each
of Glenda Grey and Robert Grey will be considered a "control
person" under applicable securities legislation. Ms. Grey is
acquiring the Common Shares to generate cash that will be loaned to
the Issuer for general corporate purposes. Ms. Grey intends
to evaluate her security holdings and to increase or decrease the
investment as circumstances warrant. A report respecting this
acquisition and the disposition by Robert Grey 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
Copyright
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