Polar Petroleum Corp. says that on February 7, 2013, the Company entered into a USD$10 million equity draw down financing agreement with US Energy Investments Ltd.

The equity financing agreement does not involve Polar Petroleum taking on any debt. Instead, the terms of the Agreement give the Company the option of drawing down against the $10 million amount as and when needed in $5000.00 increments.

According to the terms of the Agreement, Polar Petroleum will issue Units (each a "Unit") of the Company at a Unit Price determined as 75% of the volume weighted average of the closing price (the "VWAP") of the Company's Common Stock for the prior 10 trading days as quoted on the OTC Markets.

Tags: Polar Petroleum Corp.