Polaris Announces Repayment of Long Term Debt
April 16, 2007
VANCOUVER, British Columbia – Polaris Minerals Corporation (TSX:PLS) is pleased to announce that it has repaid the US$31 million long term debt held by Ingalls and Snyder LLC.
The US$31 million debt facility, drawn down in 2006 to facilitate construction of the Richmond California terminal, was repaid without penalty using proceeds from the recently completed equity financing. Further, in conjunction with the Company's first sale of construction aggregates in California, and in accordance with the terms of the debt agreement, the Company will grant Ingalls and Snyder a total of 2,153,846 warrants, each warrant being exercisable into one common share at $4.80 until November 30, 2010.
Marco Romero, Polaris President and CEO said: "With the repayment of our long term debt, Polaris is now virtually debt-free. We have eliminated a major interest expense, strengthened our balance sheet and positioned ourselves for our next phase of growth."
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 west coast of North America to meet growing local supply deficits.
For further information, please contact:
Marco Romero, President & CEO or
Mike Westerlund, Director, Corporate Development
Polaris Minerals Corporation
Tel: (604) 915-5000
Web site: www.polarmin.com
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. These statements and information appear in this document and include estimates, forecasts, information and statements as to management’s expectations with respect to, among other things the future financial or operating performance of the Company, costs and timing of the development of the construction aggregate quarry, the timing and amount of estimated future production, costs of production, capital and operating expenditures, requirements for additional capital, government regulation of quarrying operations, environmental risks, reclamation expenses, and title disputes. Often, but not always, forward-looking statements and information can be identified by the use of words such as “may”, “will”, “should”, “plans”, “expects”, “intends”, “anticipates”, “believes”, “budget”, and “scheduled” or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forwardlooking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed under the heading “Risks and Uncertainties” in the Company’s Annual Report and under the heading “Risk Factors” in the Company’s Annual Information Form (AIF) in respect of its financial year-ended December 31, 2005, both of which are filed with Canadian regulators on SEDAR ( www.sedar.com ). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.