Polar Resources gets NEX nod for 1:5 rollback, new symbol

2009-01-30 17:51 ET - News Release

Mr. Robert Grey reports

POLAR RESOURCES CORPORATION TO COMMENCE TRADING ON POST-CONSOLIDATED BASIS FEBRUARY 2, 2009

The TSX Venture Exchange's NEX has approved Polar Resources Corp.'s share consolidation which was approved by the shareholders at the company's annual general and special meeting held on Nov. 28, 2008 (see the company's news release in Stockwatch dated Dec. 31, 2008).

Effective as of the open of trading on the TSX Venture Exchange, on Monday, Feb. 2, 2009, the company will commence trading its common shares on a consolidated basis of one postconsolidated common share for every five preconsolidated common shares held under new Cusip No. 731021 20 0.

The company's name will remain the same but the company's trading symbol will change from PLR.H to RSN.H.

The company's current issued and outstanding share capital is 18,048,749 common shares and the company will have 3,609,750 common shares issued and outstanding post onsolidation.

A letter of transmittal with respect to the consolidation is to be mailed to all registered shareholders of the company on Feb. 2, 2009.

All registered shareholders will be required to send their respective certificates representing the preconsolidated common shares along with a properly executed letter of transmittal to the company's transfer agent, Computershare Investor Services Inc., in Toronto, Ont., all in accordance with the instructions provided in the letter of transmittal.

Additional copies of the letter of transmittal can be obtained through Computershare (Shareholder Services 1-800-564-6253). All shareholders who submit a duly completed letter of transmittal along with their respective preconsolidated common share certificate(s) to Computershare, will receive a postconsolidated common share certificate.

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