PolarX Limited (ASX: $PXX) has successfully completed its underwritten non-renounceable rights issue (Entitlement Offer) as of 27 March 2024. The company received acceptances for 102,767,291 New Shares under the Entitlement Offer, representing approximately 25.1% of the total entitlements available for subscription. Additionally, there were acceptances for an additional 47,697,237 New Shares under the Shortfall Offer, constituting a further 11.6% of the total entitlements available for subscription. As a result, the company issued a total of 409,903,891 New Shares pursuant to the Entitlement Offer and the placement of Shortfall Shares.
The net proceeds from the Entitlement Offer and Shortfall Offer will be utilized to fund the exercise of the Company's option to acquire an 80% interest in the Caribou Dome property, a part of the Alaska Range Project, and to support exploration and development activities at the Alaska Range Project and the Humboldt Range Project in Nevada, USA, along with general working capital. This strategic move aligns with our commitment to advancing our projects and enhancing shareholder value.
PolarX Limited (ASX: $PXX) has successfully completed its Entitlement Offer, resulting in the issuance of 409,903,891 new shares. The company received significant acceptances under the offer, with approximately 25.1% of the total entitlements subscribed by eligible shareholders and an additional 11.6% through the Shortfall Offer. Northern Star Resources Limited now holds 15.98% of PolarX's total issued capital, reflecting an increased investment to 16%. The net proceeds from the offer will be directed towards advancing the Caribou Dome property acquisition, exploration, and development activities at the Alaska Range and Humboldt Range Projects, and general working capital. This move underscores the company's commitment to its strategic projects and value creation for its shareholders.