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PolarX substantial holder Golden Hill Investments increases holding to 6.133%

The company’s SPP follows a $3.76 million placement which raised funds for drilling at the Zackly East gold-copper skarn.

PolarX Ltd - PolarX substantial holder Golden Hill Investments increases holding to 6.133%
Golden Hill Investments is based in Fullerton, California

PolarX Ltd (ASX:PXX) substantial holder Golden Hill Investments has increased its holding in the company to 6.133% from 5.045% following recent purchases.

The change in interest follows a purchase of shares valued at almost $67,800 in May and participation in a placement on June 23 valued at almost $250,000.

Golden Hill Investments now holds almost 31.6 million shares in the company.

SPP to raise $1 million

On June 24 the company opened a share purchase plan (SPP) to raise up to $1 million after completing a placement to raise around $3.76 million.

Funds from the capital raising will be used for drilling at the Zackly East gold-copper skarn within its Alaska Range Project in the U state of Alaska.

SPP details

The SPP is only being offered to those shareholders who were on the company’s share register at 7.00pm (AEST) on Wednesday, June 17, 2020, and having a registered address in Australia or New Zealand.

Eligible shareholders will be entitled to acquire up to $30,000 of shares at an issue price of 3.8 cents, the same issue price as the placement.   

The SPP is scheduled to close at 5.00pm (AEST) on Wednesday, July 8, 2020.  

Quick facts: PolarX Ltd

Price: 0.048 AUD

ASX:PXX
Market: ASX
Market Cap: $24.73 m
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