PolarX SPP deadline – last chance for 10% discount
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.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.