AU$3.2 Million Equity Raise to Explore High-Grade Regional Opportunities

PolarX Limited (ASX: PXX) has secured firm commitments to raise approximately AU$3.2 million by placing 320 million shares at an issue price of AU$0.01 per share. Northern Star Resources Limited is participating in this placement to maintain its 16% ownership in PolarX. The funds will primarily be allocated for additional drilling at the Caribou Dome deposit, which has a resource of 7.2 million tonnes at 3.1% copper, and to evaluate newly identified targets in the Caribou Region, including the undrilled Senator prospect.

The company also plans to update the mineral resource estimate and conduct a Scoping Study for the Alaska Range Project in the coming months, along with potential drilling of significant gold-silver prospects at Humboldt Range in Nevada. The placement has garnered strong support from both new and existing sophisticated and institutional investors.

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