This amount complements the recent $4.3 million placement to Lundin Mining Corporation last month.
READ: PolarX secures $4.3 million investment from Lundin Mining for Alaskan copper-gold earn‐in option
With treasury now exceeding $7.5 million, PolarX is fully funded for its exploration programs to include drilling planned at its Saturn, Zackly and potentially Mars prospects In Alaska.
The rights issue was undertaken on the basis of one new share for every seven existing shares held by eligible shareholders at an issue price of 8 cents per new share.
PolarX has to date received applications for entitlements totalling 30,557,307 new shares (representing $2,444,585 in subscription funds).
In addition, the company intends to issue a further 11,837,600 new shares (representing an additional $947,008 in subscription funds) as a result of applications for additional new shares received from eligible shareholders.
PolarX has the right to place any of all of the remaining shortfall shares within three months following the closing date (i.e. by September 27, 2019) on the same terms as the rights issue.
PolarX recently signed a strategic partnership agreement with highly‐regarded Canadian mining house Lundin Mining Corporation (TSE:LUN).
As a result of the agreement, Lundin is now the company’s largest shareholder with a 14.34% stake.
Lundin may further exercise an option to earn up to 51% of PolarX’s Stellar Claims within its Alaska Range project by staged spending a combined total of about $64 million on exploration and cash payments to PolarX.