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Polaris Minerals Corp Announces $15 Million Bought Deal Financing

Monday, 3 Jun 2013 03:44pm EDT 

Polaris Minerals Corp announced that it has entered into an agreement with Dundee Securities Ltd. (Dundee) who, together with GMP Securities L.P. (collectively, the Underwriters), has agreed to purchase, on a bought deal basis, 11,500,000 Common shares of the Company (each a Common Share) at a price of $1.31 per share (the Offering). In addition, the Company has granted the Underwriters an over-allotment option to purchase up to an additional 1,725,000 Common Shares, exercisable at any time up to 30 days from the closing of the Offering at $1.31 per share (the Option). In the event that the Option is exercised in its entirety, the aggregate gross proceeds of the Offering will be approximately $17.3 million. The Company plans to use the net proceeds from the Offering to repay in full the Company's outstanding Senior Secured Notes in the principal amount of $8.1 million carrying a 12% interest rate, to pursue the entry for its products into Southern California through the development of its leased site in the Port of Long Beach, and for general corporate purposes. 

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