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Press release from CNW Group

Polaris Minerals announces completion of bought deal financing

Tuesday, June 25, 2013

Polaris Minerals announces completion of bought deal financing

08:57 EDT Tuesday, June 25, 2013

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, June 25, 2013 /CNW/ - Polaris Minerals Corporation (the "Company") (TSX:PLS) announces that the bought deal financing announced on June 3, 2013, led by Dundee Securities Ltd., together with GMP Securities L.P. (collectively, the "Underwriters"), was closed today. The Underwriters exercised their over-allotment option in full and 13,225,000 Common Shares were issued at $1.31 per share with gross proceeds to the Company of $17.3 million. The Common Shares were issued by way of a final short form prospectus filed in all of the provinces of Canada, except Quebec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to a exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

Net proceeds, after the Underwriters' commission and associated issue costs, were $16.3 million from which the Company will use a total of $8.65 million to repay its outstanding debt in full together with the accrued interest thereon. The proceeds will also be used to facilitate the Company's entry into the Southern California market and for general working capital purposes.

The Company's statutory filings are available at www.sedar.com as well as the Company's website, www.polarmin.com.

Polaris Minerals Corporation is exclusively focused on the development of quarries and the production of construction aggregates in British Columbia for marine transport to urban markets on the Pacific coasts of North America to meet growing local supply deficits. In 2007, Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver and Hawaii.

Cautionary Note Regarding Forward Looking Statements

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws.  These statements and information appear in this document and include estimates, forecasts, information and statements as to management's expectations with respect to, among other things the use of proceeds including repayment of the Senior Secured Notes, the future financial or operating performance of the Company, costs and timing of the development of the construction aggregate quarry, the timing and amount of estimated future production, costs of production, capital and operating expenditures, requirements for additional capital, government regulation of quarrying operations, environmental risks, reclamation expenses, and title disputes.  Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology.  Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risks and Uncertainties" in the Company's Annual Report and under the heading "Risk Factors" in the Company's Annual Information Form (AIF) in respect of its financial year-ended December 31, 2012, both of which are filed with Canadian regulators on SEDAR (www.sedar.com).  The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise.  All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.


SOURCE: Polaris Minerals Corporation

For further information:

Herb Wilson, President and CEO
Polaris Minerals Corporation
Tel: (604) 915-5000

info@polarmin.com

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