Good News Polar Star Mining Corp (C-PSR) - News Release
Polar Star appoints Foy as chairman, Bird as CEO
2012-10-29 14:40 ET - News Release
Shares issued 99,276,002
PSR Close 2012-10-26 C$ 0.17
Mr. Adam Rochacewich reports
POLAR STAR ANNOUNCES BOARD AND MANAGEMENT CHANGES
Polar Star Mining Corp. has named two new members to the company's board of directors.
Kaare Foy has been appointed chairman of the board of directors. Mr. Foy obtained his bachelor of economics degree at Monash University, and became an associate of the Australian Society of Accountants and a member of the Australian Institute of Directors. In 1995 he emigrated to reside permanently in Canada and for most of his career has specialized in company turnarounds with more than 30 years of experience serving on the boards of publicly listed companies in Australia, Canada and the United Kingdom.
Colin Bird has been appointed chief executive officer of the company and a member of the board of directors. Mr. Bird is a chartered engineer, a fellow of the Institute of Materials, Minerals and Mining and is a certified mine manager both in the U.K. and South Africa. He has been involved in the management of mining nickel, copper, gold, coal and other diverse mineral operations. Mr. Bird has founded and floated several public companies in the resource sector and served on resource company boards in the U.K., Canada and South Africa. In the exploration arena he founded, financed and was chairman of Kiwara PLC, an AIM-listed company, which discovered, and sold for $270-million, a large open-pit copper project in Zambia.
Polar Star also announces that in accordance with its stock option plan and to incent management and the board of directors, the company has granted an aggregate of 11,335,000 options to purchase common shares of the company to certain directors, officers and employees of the company. All options expire on Dec. 31, 2017, and have the following characteristics:
390,000 options having an exercise price of 20 cents and vesting one-half on June 30, 2013, and one-half on Dec. 31, 2013;
6.1 million options having an exercise price of 20 cents and vesting immediately;
2.85 million options having an exercise price of 50 cents and vesting immediately;
1,995,000 options having an exercise price of 75 cents and vesting immediately.
We seek Safe Harbor.