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- Shares in junior explorer PolarX (PXX) are in a trading halt until after the weekend as the company gears up to raise some fresh capital
- The company called the trading halt in early afternoon trade, just hours after announcing a planned scoping study for its Zackly project in Alaska
- PolarX shares were up over 20 per cent to 4.7 cents each when the trading halt commenced
- It has not yet been revealed how much PolarX plans to raise or what the new funds will be used for, but today’s trading halt is slated to lift on Monday morning
- Until then, investors will have to sit tight while they await more details
Shares in junior explorer PolarX (PXX) are in a trading halt until after the weekend as the company gears up to raise some fresh capital.
The company called the trading halt in early afternoon trade today, though at this stage not much is known other than the fact that PolarX is planning a capital raise. How much the company plans to raise and for what the new funds will be used has not yet been revealed.
PolarX management said the trading halt will lift on Monday, February 8, or when the company announces the details of the raise.
Zackly scoping study
Today’s trading halt announcement came just a few hours after PolarX announced a planned scoping study for its Zackly gold-copper-silver project in Alaska.
The study is designed to assess some of the project’s key economics and its viability as an integrated mining operation.
PolarX plans to take on some important metallurgical test work to kick the study off, testing the gravity recovery of coarse gold in mineralisation and the flotation of sulphides to capture copper, silver, and residual gold at the Zackly project.
News of the scoping study seems to have spiked the company’s share price, with PXX shares up 20.51 per cent to 4.7 cents each before entering the trading halt.
This takes the company’s share price to just below Tuesday’s four-month high of 5 cents per share.
It’s not certain whether upcoming raise is designed to capitalise on these higher prices or whether it’s a coincidence the halt was called soon after the share price spiked.
Either way, investors will only have a chance to react to the news once the trading halt is lifted.
PolarX has a $25.47 million market cap.
