🕐17.02.10 - 16:53 Uhr
OVER 70% OF SHAREHOLDERS APPROVE POLAR STAR STOCK OPTION PLAN
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES
OVER 70% OF SHAREHOLDERS APPROVE POLAR STAR STOCK OPTION PLAN
TORONTO, ON, February 16, 2010 - Polar Star Mining Corporation (TSXV:PSR)
("Polar Star" or the "Company") announces that approximately 70% of the
outstanding shares voted today in favor of approving the Companys Amended
and Restated Stock Option Plan.
The Amended and Restated Plan ("Resolution #1") will allow the Company to
issue shares from treasury equal to 10% of the issued and outstanding Common
Shares on a "rolling" basis.
The plan was previously reviewed and given
conditional approval by the TSX Venture Exchange.
RiskMetrics Group, an
independent proxy advisory firm, also published a report recommending that
its clients holding Polar Star Mining securities vote in favour of the plan.
As stated in Polar Stars Notice of Meeting, the plan will allow the Company
to "attract, retain and motivate qualified employees, officers, directors
and consultants.
to contribute toward the long-term goals and continued
success of the Corporation."
At the same meeting, shareholders approved 2,000,000 incentive stock options
granted to certain directors and officers of the Company on April 17, 2009
under the previous fixed stock option plan ("Resolution #2").
Kingsdale Shareholder Services of Toronto, acted as proxy agent for the
meeting.
About Polar Star Mining Corporation
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company
with a focus on building value in Chile through discovery and development.
The company has approximately 274,000 hectares prospective for gold,
copper-gold, uranium, phosphate and lithium.
Share Capitalization
Shares Outstanding: 70,338,526 as of February 11, 2010
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
David Speck, Vice President
Polar Star Mining Corporation
(416)-368-3496
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