27/07/2018 - 15:15

PolarX raises $4m

27/07/2018 - 15:15

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Junior explorer PolarX has boosted its coffers with a $3.9 million capital raising, with the proceeds to fund the company’s exploration program at its Alaska Range project.

PolarX raises $4m
PolarX is undertaking an exploration program at its Alaska Range project.

Junior explorer PolarX has boosted its coffers with a $3.9 million capital raising, with the proceeds to fund the company’s exploration program at its Alaska Range project.

Subiaco-based PolarX has issued 35.3 million shares at 11 cents each, with Aetas Global Capital and Morgans Financial acting as joint lead managers to the placement.

The company said the raising was heavily oversubscribed, with support from institutional and retail investors in Australia, Asia, North American and Europe.

“The net proceeds will be used to accelerate exploration and development activities on the Alaska Range Project including: Airborne and ground geophysical surveys and drilling on the Mars and Zackly SE porphyry copper-gold targets; additional resource extension drilling at the Zackly copper-gold deposit; and for general working capital,” PolarX said in a statement to the ASX.

Shares in PolarX were off 19.23 per cent at 10 cents each today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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