Polar Star Announces Private Placement

- December 27th, 2011

Polar Star Mining Corporation(TSX:PSR) announced entering into a Letter of Intent option agreement for 75% option in either or both of Polar Star’s Chilean properties. The Company also announced a Private Placement of common shares of $0.30 for gross proceeds of up to $400,000.

Polar Star Mining Corporation(TSX:PSR) announced entering into a Letter of Intent option agreement for 75% option in either or both of Polar Star’s Chilean properties with Kairos Capital. The Company also announced a Private Placement of common shares of $0.30 for gross proceeds of up to $400,000.

As quoted in the press release:

The first option requires Kairos to elect to continue work on either or both of Fortuna and Nancagua. Kairos will complete $850,000 in work commitments with respect to Fortuna and/or $600,000 in work commitments with respect to Nancagua within 12 months from the date of election to earn a 51% interest in either or both of the properties.

Click here to read the Polar Star Mining (TSX:PSR) press release
Click here to see the Polar Star Mining (TSX:PSR) profile.

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