- PolarX (PXX) is launching a $1.43 million placement to fund its drilling programs in the US
- The capital raise follows a recently completed placement and entitlement offer which saw a large number of shareholders miss out due to a delay in documents being delivered
- The funds under the second placement will be directed towards PXX’s Humboldt Range project in Nevada and the Caribou Dome copper deposit in Alaska
- PXX is hoping to issue nearly 68 million new shares at 2.1 cents and for every two shares held, shareholders will receive one attaching option
- Shares have been trading 9.38 per cent higher at 1.8 cents
PolarX (PXX) is aiming to raise $1.43 million through a second placement to fund its drilling programs in the US.
The company completed a placement last month which issued over 119 million shares at 2.1 cents each to raise $2.51 million.
PolarX also completed an entitlement offer, however a delay in documents resulted in a significant number of shareholders not being able to apply under the rights issue before the closing date.
Due to this, the materials stock is offering the second placement which will also provide a financial boost to its exploration programs.
The company also stated it wasn’t able to place any shortfall securities under the rights issue and so shareholders that applied for shortfall under the rights issue will be required to apply for securities under the second placement if they want to acquire additional securities over above their entitlement.
Like the initial placement, the $1.43 million will be used for a 3000-metre drilling program which began in April at the Humboldt Range gold-silver project in Nevada.
The funds are also going towards drilling at the Caribou Dome copper deposit in Alaska.
PXX is hoping to issue 67.9 million new shares at a price of 2.1 cents each in the new placement.
For every two new shares shareholders subscribe for, they’ll receive one attaching option, exercisable at 3 cents and expiring in November, 2023.
The shares will be issued under the company’s existing capacity rules, and are expected to be issued on June 2.
Shares were trading 9.38 per cent higher today at 1.8 cents each at 1:58 pm AEST.