Polaris Minerals closes US$25 million bought deal financing

On January 9, 2009, Polaris Minerals Corporation announced that it had closed its previously announced $25 million bought deal financing. A syndicate of underwriters, led by GMP Securities L.P. and including CIBC World Markets Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., TD Securities Inc. and Scotia Capital Inc., purchased, on a bought deal basis, 15,625,000 units of Polaris for aggregate gross proceeds of approximately $25 million. Polaris plans to use the net proceeds from the offering to repay an outstanding $20 million bridge loan and for general corporate purposes. Polaris was advised in this transaction by Fasken Martineau with a team led by Georald Ingborg and including, among others, Benjamin Lee and Caroline Clapham.