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Polaris Minerals Corp. has advised that it will now enter into a competitive bidding process for the sale of the freehold land that it jointly owns on Pier B in the Port of Long Beach, Calif.
In November, 2010, the company entered into a Purchase and Sale Agreement for the land following which the period of due diligence was satisfactorily completed and the condition waived.
However, the purchaser has subsequently been unable to proceed to completion in accordance with the timetable set out in the Agreement and Polaris has elected not to enter into an extension having received a number of additional Letters of Intent in respect of the purchase of the property.
Prospective purchasers are now being given a final opportunity to confirm their offers and set out associated conditions of closing. The company expects to complete this process around the end of February, 2011, and to enter into a definitive Purchase and Sale Agreement immediately thereafter.
“We have been gratified by the substantial additional interest shown in this site which supports the view that this freehold property is probably unique within the Port,” Herb Wilson, Polaris president and CEO, commented in a written statement. “The indicative valuations are higher than the previous deal and final selection will focus principally on the conditions proposed and the requirement for a timely closing. Until the full conditions are agreed and a purchaser selected, it will not be possible to suggest when the sale might close”.