VANCOUVER, Nov. 10, 2011 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today announced that agreement has been reached, subject to definitive documentation, with the lenders of the CAD$5 million bridge loan, secured in November 2010, to extend the maturity of the facility from November 17, 2011 to February 29, 2012.
The Company will pay a fee of 2% of the outstanding balance up front upon signature and terms are unchanged until December 31, 2011. If the loan remains outstanding thereafter, on January 1, 2012, the interest rate increases to 17.5% and on February 1, 2012 increases to 20%. The loan is callable at any time.
The Company is pursuing options to provide a long term solution to its liquidity position and this extension is commensurate with that objective.
The Company will release its financial statements after the close of business on Monday, November 14th and host a conference call on Tuesday, November 15, 2011 at 8:00 am Pacific Standard Time. Details to access the call live are as follows:
Via telephone by calling 888-231-8191 in North America or 647-427-7450
The Conference ID number is : 26822943.
- Via webcast at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3740440
The webcast will be archived for 90 days following the call at the above noted link. The conference call will also be recorded and available for replay at 11:00 am PST and will be available until November 29, 2011. To access the replay, dial 1-855-859-2056 or 416-849-0833 and use access code 26822943 to hear the recording.
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. Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver and Hawaii in 2007.
SOURCE Polaris Minerals Corporation