Polar Star to choose board of directors in April

Polar Star Mining (PSR-V) will hold a shareholders meeting on Apr. 17 that will decide the fate of its current board of directors.

The meeting was requested by former president and CEO, Douglas Willock, before he was let go on Jan. 30. Chief financial officer Adam Rochacewich has taken on the role of interim president and CEO.

Willock is still a director on the board and holds about 10% of Polar Star shares.

The company also announced that it closed about $7 million of an $8-million private placement with D&D Securities and GMP Securities today, at 35¢ per share.

The money will be used for exploration in Chile. The company has 20 properties; a mix of gold, copper and uranium.

The financing was originally announced on Feb. 4 and was to close on Feb. 6. D&D was the only firm involved but the next day it was announced that GMP would be included and the closing date extended to Feb. 16 as GMP was supposed to have a first right of refusal to participate in financings.

GMP was also involved in a financing proposal that was rejected by the board in December. The terms of the deal included replacing the board of directors.

Willock has not yet released his dissident circular which will list who he wants on the new board of directors. He says he has written support from more than half of shareholders.

More to come.