Securities Law & Instruments

Headnote

Subsection 1(11)(b) - Issuer is a reporting issuer in Ontario - Issuer already a reporting issuer in Alberta, British Columbia and Manitoba - Issuer's securities listed for trading on the TSX Venture Exchange - Continuous disclosure requirements in Alberta, British Columbia and Manitoba substantially the same as those in Ontario.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(11)(b).

September 26, 2007

IN THE MATTER OF

THE SECURITIES ACT R.S.O. 1990,

CHAPTER S.5, AS AMENDED (the Act)

AND

IN THE MATTER OF

POLAR STAR MINING CORPORATION

 

ORDER

(Subsection 1(11)(b))

UPON the application of Polar Star Mining Corporation (the Applicant) for an order, pursuant to subsection 1(11)(b) of the Act that, for the purposes of Ontario securities law, the Applicant is a reporting issuer in Ontario;

AND UPON considering the application and the recommendation of the staff of the Ontario Securities Commission (the Commission);

AND UPON the Applicant having represented to the Commission as follows:

1. The Applicant is a corporation continued under the Canada Business Corporation Act on August 1, 2007 as a result of an amalgamation (the Amalgamation) between Genetic Diagnostics Technologies Corp. (Genetic Diagnostics) and Polar Mining Corporation (Polar Mining) with its registered and head office at 8 King Street East, Suite 1700, Toronto, Ontario, Canada M5C 1B5.

2. The Applicant's common shares (the Common Shares) have been listed and posted for trading on the TSX Venture Exchange (TSXV) since August 15, 2007 under the symbol "POS".

3. The authorized share capital of the Applicant consists of an unlimited number of Common Shares and an unlimited number of preferred shares, of which a total of 29,686,964 Common Shares were issued and outstanding as of August 23, 2007.

4. Prior to the Amalgamation, Genetic Diagnostics, had been a reporting issuer in the Provinces of British Columbia, Alberta and Manitoba since September 23, 2003.

5. The Applicant is not currently a reporting issuer or the equivalent in any jurisdiction in Canada other than British Columbia, Alberta and Manitoba.

6. The Applicant is not on the list of defaulting reporting issuers maintained by each of the British Columbia Securities Commission, Alberta Securities Commission and Manitoba Securities Commission. To the knowledge of management of the Applicant, the Applicant has not been the subject of any enforcement actions by the British Columbia, Alberta or Manitoba securities commissions or by the TSXV, and the Applicant is not in default of any requirement of the Act, the Securities Act (British Columbia), the Securities Act (Alberta) or the Securities Act (Manitoba).

7. The continuous disclosure requirements of the Securities Act (British Columbia), the Securities Act (Alberta), and the Securities Act (Manitoba) are substantially the same as the continuous disclosure requirements under the Act.

8. The materials filed by the Applicant as a reporting issuer in the Provinces of British Columbia, Alberta and Manitoba are available on the System for Electronic Documents Analysis and Retrieval.

9. Neither the Applicant nor any of its officers, directors nor to the knowledge of the Applicant its officers and directors, any controlling shareholder of the Applicant has:

(a) been the subject of any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority;

(b) entered into a settlement agreement with a Canadian securities regulatory authority; or

(c) been subject to any other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision.

10. Neither the Applicant, nor any of its officers, directors nor to the knowledge of the Applicant its officers and directors, any controlling shareholder of the Applicant is or has been subject to:

(a) any known ongoing or concluded investigations by

(i) a Canadian securities regulatory authority, or

(ii) a court or regulatory body, other than a Canadian securities regulatory authority, that would be likely to be considered important to a reasonable investor making an investment decision; or

(b) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or the appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.

11. None of the officers or directors of the Applicant nor to the knowledge of the Applicant its officers and directors, any controlling shareholder of the Applicant is or has been at the time of such event an officer or director of any other issuer which is or has been subject to:

(a) any cease trade or similar order, or order that denied access to any exemptions under Ontario securities law, for a period of more than 30 consecutive days, within the preceding 10 years; or

(b) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or the appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.

12. The Applicant is in compliance with all requirements of the TSXV.

13. The Applicant has a significant connection with Ontario as registered shareholders owning a total of, to the knowledge of the Applicant as at September 18, 2007, approximately 75% of the issued and outstanding common shares of the Applicant are resident in Ontario.

14. The Applicant will remit all participation fees due and payable by it pursuant to Commission Rule 13-502 -- Fees by no later than two business days from the date of this Order.

AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;

IT IS HEREBY ORDERED pursuant to subsection 1(11)(b) of the Act that the Applicant is a reporting issuer for the purposes of Ontario securities law.

"Iva Vranic"
Manager, Corporate Finance