VANCOUVER, July 4, 2012 /CNW/ - Polaris Minerals Corporation (TSX:PLS) (the "Company") advises that it
has reached agreement, subject to definitive documentation, with the
holders of its Senior Secured Notes (the "Notes") to defer the interest
payment due on June 30th, 2012.
This interest installment will now be paid upon the earlier of: (i) the
completion of the sale of the Company's jointly held Pier B freehold
land; and (ii) December 31, 2012. The Company agreed to pay a monetary
fee of $89,100 through the issuance of an aggregate of 148,500 common
shares, based upon the closing price of the Company's common shares of
$0.60 on June 28, 2012.
Herb Wilson, President and CEO, commented: "We have taken this step as
a matter of prudent management while we await cash receipts of
approximately $12 million from the anticipated sale of the Company's
jointly owned Pier B freehold land. We are encouraged by the progress
made so far and hope to complete the sale around the end of the third
quarter."
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.
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
future financial or operating performance of the Company, the
anticipated sale of the Pier B freehold land, payment of the interest
installment due on June 30, 2012, 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, 2011, 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.