PolarX Limited (ASX:PXX) Share Purchase Plan (SPP) closes this afternoon (Friday) at 5.00pm (AEST).
Management decided to extend the closing date (previously July 8) after a number of eligible shareholders experienced delays in receipt of their SPP offer booklet due to longer postal delivery times related to COVID-19 restrictions.
The company plans to conduct 3,000 metres of core drilling at its Zackly East Skarn, situated just 800 metres from the Zackly Main Skarn deposit where PolarX has outlined an Inferred Resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces silver from surface.
The drill contract for 3,000m core drilling program has been executed, with rigs and geological support team scheduled to arrive on site by 15 July. Drilling is expected to take approximately six to eight weeks using two drill rigs.
Under the SPP, eligible shareholders will be entitled to acquire up to $30,000 of shares at an issue price of $0.038 per share, being the same issue price as the Placement which completed on 23 June 2020.
One of the prominent players to increase their stake in the recent Placement was UK-based Ruffer LLP, part of the prominent LF Ruffer Gold Fund. The group invested a further $1.5 million in PolarX, increasing its holding from 8.7% to 14.7%.
It is worth noting that the company’s share price has increased by 150% in the last two months, and with an imminent near-term catalyst such as the upcoming drilling campaign there could be further upside.
