Capital Watch: PolarX, Great Western and more

POLARX and Great Western led the raisings this week, each securing A$5 million.
Capital Watch: PolarX, Great Western and more Capital Watch: PolarX, Great Western and more Capital Watch: PolarX, Great Western and more Capital Watch: PolarX, Great Western and more Capital Watch: PolarX, Great Western and more

Staff reporter

North America-focused PolarX has received firm commitments to raise $5 million at 4c per share.

The offer, which was lead managed by Viriathus Capital and lead arranged by Fresh Equities, closed within 24 hours thanks to the cornerstone support of Aetas Global Management.

The funds raised will be used for drilling in Alaska and Nevada.

Great Western Exploration has raised $5 million for gold and copper exploration.

The company will issue 20 million shares at 25c each to professional and sophisticated investors.

Euroz Hartleys acted as lead manager, with Peloton Capital as co-manager.

Gold explorer First Au has announced a capital raising of up to $3.73 million.

The issue comprises a 1.28 million placement at 1.7c per share and a four-for-five non-renounceable rights offer at 0.5c to per share to raise an additional $2.45 million.

The proceeds will be used for drilling in Victoria and Western Australia.

Amani Gold is seeking to raise up to $3 million to fund drilling and feasibility work at its Giro gold project in the Democratic Republic of Congo.

The company will issue up to 3 billion shares at 0.1c each in two tranches, with each share to come with a 0.15c option.

Copper explorer Eagle Mountain Mining has received $1.3 million via the exercise of options by directors and other investors.

The company will use the funds to attract personnel.

Copper Strike has received firm commitments to raise $1.2 million in two tranches at 9.5c per share.

The issue comprises $1.05 million to sophisticated and professional investors, and $150,000 to directors.

Finally, Comet Resources has placed $1 million worth of shares to new strategic investors to fund work in Mexico and WA.

Shares will be issued at 2c each with a one-for-two 3c option.