PolarX Ltd (ASX:PXX) has boosted its finances by almost $1.259 million on completion of an entitlement offer and shortfall offer as part of a renounceable rights issue.
By closing date, the company received acceptances for 112,983,117 new shares under the entitlement
offer, being about 31% of the total entitlements available for subscription.
In addition, acceptances were received for an additional 44,278,000 new shares under the shortfall offer, a further 12% of the total entitlements available for subscription.
As a result, the entitlement offer raised $903,865 and the shortfall offer $354,224 for a total of $1,258,089.
Use of funds
Net proceeds will fund exploration and development activities on the company’s US projects, including a drilling program scheduled to begin at the Humboldt Range Project in the first week of December 2022.
Eligible shareholders were able to subscribe for two new shares for every five existing shares held on the record date, at an issue price of $0.008 per share.
On November 30, the company issued 157,261,117 new shares under the entitlement offer acceptances and the shortfall offer acceptances.
The total number of new shares available under the entitlement offer was 359,641,767.
PolarX directors reserve the right to place the remaining 202,380,650 shares under the shortfall offer at their discretion within three months of the closing date, November 23, 2022.