Investing.com - Financial Markets Worldwide
🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

PolarX to raise up to $2.88 million to fund Humboldt Range drilling

Published 26/10/2022, 10:56 am
© Reuters. PolarX to raise up to $2.88 million to fund Humboldt Range drilling

PolarX Ltd (ASX:PXX) is raising up to $2.88 million at 0.8 cents per share to fund drilling at its Humboldt Range Gold Project in Nevada.

The 2 for 5 renounceable rights issue price represents a discount of:

  • 11% to the company’s last close of 0.9 cents on the ASX; and
  • 24% to the company’s 60-day VWAP of 1.1 cents.
In a show of faith in the project, executive chairman Mark Bojanjac and managing director Jason Berton have agreed to subscribe for their full entitlement under the entitlement offer.

Shareholders can trade their rights and apply for additional shares via a shortfall offer. The rights will start trading from October 31, 2022.

Use of funds

Funds will go towards:

  • Exploration and development activities at the Humboldt Range Project in the USA, including the proposed drilling program that is expected to commence in late November 2022.
  • Exploration and development activities at the Alaska Range Project in the USA.
  • For general working capital.
  • To pay the costs of the entitlement offer.
Mahe Capital Pty Ltd is the lead manager to the entitlement offer and shortfall offer.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.