July 08, 2008
On July 8, 2008, Polar Star Mining Corporation (TSXV:POS) completed a private placement of 7,415,400 units of the company for $0.65 per unit, resulting in gross proceeds of $4,820,010. 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 offering. Polar Star is a company geographically focused in Chile that was created to acquire advanced stage exploration properties focusing on gold, copper gold and uranium. Polar Star intends to use the net proceeds of the offering to fund its due diligence in connection with the acquisition of the Chepica Copper-Gold Mine in Chile and to fund further exploration and development of its mineral properties in Chile and for general corporate purposes. GMP Securities L.P. acted as agent on the offering.
Wildeboer Dellelce LLP represented the agent with a team comprised of Al Wiens and Loren Greenspoon (corporate/securities).