Could this be why we are trading down from the high of $3.20Interesting to see they are looking into expanding into a limestone quarry.
Polaris Minerals Announces $12 Million Bought Deal Financing VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2014) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Polaris Minerals Corporation (the "Company") (TSX:PLS) announces that it has entered into an agreement with a syndicate of underwriters, led by Dundee Securities Ltd. and including GMP Securities L.P. and Paradigm Capital Inc. (collectively, the "Underwriters"), which have agreed to purchase, on a bought deal basis, 4,700,000 Common Shares of the Company at a price of $2.57 per Common Share for gross proceeds of $12,079,000. In addition, the Company has granted the underwriters an over-allotment option to purchase up to that number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be $13,890,850. The Company plans to use the net proceeds from the offering to explore a potential opportunity to develop a limestone quarry located in close proximity to its existing Orca Quarry; to pursue further opportunities to develop additional port terminals for the Company's aggregate products, and for general corporate purposes.