Polar Resources Corporation (RSN.H-X)

    




 This press release is issued pursuant to Multilateral Instrument 62-104  - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting  Issues. 

 VANCOUVER, Nov. 1, 2011 /CNW/ - Further to a press release issued on May  13, 2011, Mr. Robert Grey of 2204 - 1275 Pacific Street, Vancouver, BC,  has acquired ownership of or control or direction over 936,667 common  shares ("Common Shares") of Polar Resources Corporation (the  "Issuer").  The Common Shares acquired represent approximately 19.16%  of the Issuer's issued and outstanding Common Shares (based on  4,886,412 Common Shares issued and outstanding.) 

 Following this acquisition, Mr. Grey owned, directly and indirectly, and  exercised control or direction over, an aggregate 1,171,426 Common  Shares or approximately 23.97% of the issued and outstanding Common  Shares.  Mr. Grey subsequently sold 170,000 Common Shares and retains  ownership of or control or direction over 1,001,426 Common Shares,  being 20.49% of the issued and outstanding Common Shares (based on  4,886,412 Common Shares issued and outstanding). 

 The 936,667 Common Shares were acquired for investment purposes by Mr.  Grey under a Shares For Debt transaction approved by the TSX Venture  Exchange at $0.15 per Common Share.  Mr. Grey intends to evaluate these  holdings and to increase or decrease his investment in the issuer as  circumstances warrant. 

 A report respecting this acquisition will be electronically filed with  the Securities Commission in each jurisdiction where the Issuer is  reporting and will be available for viewing through the Internet at the  Canadian System for Electronic Document Analysis and Retrieval (SEDAR)  at www.sedar.com. 

 The NEX or TSX Venture Exchange have not reviewed and do not accept  responsibility for the adequacy or accuracy of this release. 

 Except for the historical information contained herein, this press  release contains statements that constitute forward-looking statements,  as defined in the Private Securities Litigation Reform Act of 1995.   Forward-looking statement inherently involve risks and uncertainties  that could cause actual results to differ materially from the  forward-looking statements.  Factors that may cause or contribute to  such differences include, among other things, the Corporation's ability  to close the proposed transaction.  Other risks and uncertainties  include changes in business conditions and the economy in general,  changes in governmental regulations, unforeseen litigation and other  risk factors identified in the Corporation's public filings under "Risk  Factors".  The Corporation undertakes no obligation to update these  forward-looking statements for revisions or changes after the date of  this press release. 

 SIGNED: 

 "Robert C. Grey" 

 Robert C. Grey, President 

Polar Resources Corporation


CONTACT:  Robert C. GreyTelephone:  [phone]Email:  [e-mail] 


    

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