On March 15, 2007, Polaris Minerals Corporation closed a bought deal financing of 6 million common shares of Polaris at $9.00 per share providing gross proceeds to the Company of $54 million. The bought deal was arranged by a syndicate of underwriters led by GMP Securities L.P. and including Canaccord Capital Corporation, CIBC World Markets Inc., Orion Securities Inc., TD Securities Inc. and Wellington West Capital Markets Inc. The underwriters exercised an over-allotment option, taking an additional 900,000 common shares of Polaris for additional gross proceeds of $8.1 million. The over-allotment closed March 26, 2007. Polaris issued 6.9 million common shares of the company pursuant to this offering for total gross proceeds of $62.1 million to the company. Polaris is exclusively focused on development of construction aggregates quarries for marine transport to US markets. The company plans to use the net proceeds of this offering to retire existing debt, to advance its mineral properties, to advance its port terminal strategy in its target markets and for general corporate purposes. Fasken Martineau advised Polaris in this transaction with a team comprised of Paul Wilson (mining and environmental) and Georald Ingborg and Benjamin Lee (securities).