- PolarX (PXX) taps investors for $1.4 million to fund its North American exploration and development plans
- Following a trading halt, PXX says it received firm commitments from investors to subscribe for over 43 million shares at 3.2 cents each
- The bulk of the capital will go towards initial drilling at the Humboldt Range gold-silver project in Nevada
- A portion of the funds will also support finalising initial technical studies at the company’s Alaska Range Project
- Shares in PolarX are down 8.33 per cent to 3.3 cents each as of 2:47 pm AEDT
PolarX (PXX) has tapped investors for $1.4 million to fund its North American exploration and development plans.
The company emerged from a trading halt today, announcing it received firm commitments from sophisticated and professional investors to subscribe for over 43 million shares at an issue price of 3.2 cents each.
The bulk of the capital will go towards initial drilling at the Humboldt Range gold-silver project in Nevada.
PolarX acquired the project earlier this year and completed the first comprehensive soil sampling program in almost a century.
According to the company, the sampling outlined anomalies ranging from 1.3 to 2.3 kilometres long which it plans to drill-test in the first quarter of the new year.
A portion of the funds will also support finalising initial technical studies at the
company’s Alaska Range Project.
These studies comprise a metallurgical test work program evaluating processing options for the Zackly gold-copper-silver mineralisation and the potential for co-processing with Caribou Dome copper mineralisation.
Additionally, the initial scoping study is evaluating combined mining and processing of Caribou Dome and Zackly mineralisation to help determine minimum resource size required for a viable project and whether Caribou Dome can be mined on a campaign basis and processed at Zackly.
PolarX anticipates this study to also be completed in the first quarter of 2022.
The Placement is expected to settle on or around Wednesday, December 22.
Shares in PolarX are down 8.33 per cent to 3.3 cents each as of 2:47 pm AEDT.