339 Million Shares Issued at 1.5 Cents Each in PolarX Placement
PolarX Limited has completed a $5.09 million share placement, issuing over 339 million shares at 1.5 cents each under its ASX Listing Rule 7.1 capacity. The move strengthens the company’s capital base without the need for a formal disclosure document.
- Placement of 339 million shares at $0.015 each
- Capital raising totals approximately $5.09 million
- Shares issued under ASX Listing Rule 7.1 capacity
- No disclosure document required under Corporations Act
- Company confirms compliance with continuous disclosure obligations
Placement Completion Strengthens Capital Position
PolarX Limited (ASX, PXX), an exploration-focused mining company, has successfully completed a significant capital raising through the placement of 339,188,013 ordinary shares at an issue price of 1.5 cents per share. This placement, announced on 15 September 2025, raises approximately $5.09 million, bolstering the company’s financial resources as it advances its exploration projects.
Utilising ASX Listing Rule 7.1 Capacity
The placement was conducted under the company’s available capacity pursuant to ASX Listing Rule 7.1, which allows companies to issue new shares without shareholder approval up to a certain limit. This mechanism enables PolarX to raise capital efficiently and swiftly, avoiding the delays and costs associated with a full prospectus or disclosure document.
Compliance and Transparency Maintained
Importantly, PolarX issued the shares without disclosure under Part 6D.2 of the Corporations Act 2001 but provided a cleansing notice under section 708A(5)(e) to ensure the shares are freely tradable. The company confirmed it has complied with all relevant provisions of the Corporations Act and ASX continuous disclosure requirements, reassuring investors that no material information has been withheld that would affect an informed assessment of the company’s prospects or share rights.
Strategic Implications and Market Impact
While the announcement does not detail the specific use of proceeds, such a capital injection typically supports ongoing exploration activities, project development, or working capital needs. For a junior explorer like PolarX, maintaining a healthy cash position is critical to advancing its assets and attracting further investment. The share price at 1.5 cents reflects the company’s current valuation and market conditions, providing a benchmark for future capital raising efforts.
Looking Ahead
Investors will be watching closely for updates on how the funds are deployed and any strategic moves that follow this placement. The company’s ability to convert exploration success into shareholder value will be key to sustaining momentum and market confidence in the months ahead.
Bottom Line?
PolarX’s latest placement secures vital funding, setting the stage for its next exploration milestones.
Questions in the middle?
- What specific projects or activities will the placement funds support?
- How will the increased share count affect existing shareholders’ dilution?
- What are management’s plans for further capital raising or strategic partnerships?
