POLARX LIMITED(PXX)

The suspension of trading in the securities of PolarX Limited will be lifted from the commencement of trading on Thursday, 18 June 2020, following the release by PXX of an announcement regarding a capital raising.

The company releases a notice of Proposed issue of Securities - PXX.

PolarX has received firm commitments for ~$3.76M via a share placement at 3.8c. The Company also intends to undertake a Share Purchase Plan to raise up to a further $1M at the same price. The funds will be used to undertake a ~3,000m drill program (15"20 shallow holes) at Zackly East, following up on the thick, high"grade gold and copper mineralisation intersected by drill holes ZX"18020 (55m @ 2.8g/t Au + 0.6% Cu) and ZX"18024 (47m @ 3.1g/t Au + 0.6% Cu) in the last field season. Zackly East Skarn is just 800m from the Zackly Main Skarn deposit, where PolarX has outlined an Inferred Resource containing 41,000t of copper, 213,000oz of gold and 1.5Moz silver from surface.

The terms of the company's right t to acquire an 80% interest in the Caribou Dome property in Alaska USA, have been amended. The requirement for PolarX to incur minimum eligible expenditure on the property of US$2,000,000 in the three"year period ending 1 September 2020, has been extended to 1 September 2021.

The securities of PolarX Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PXX, pending the release of an announcement regarding a capital raising.

The suspension of trading in the securities of PolarX Limited will be lifted immediately following the release by PXX of an announcement regarding its strategic relationship with Lundin Mining Corporation.

Lundin Mining Corporation shall forgo its right to earn"in to the Stellar Claims within the Alaska Range Project. Accordingly, PolarX retains its 100% ownership of the entire Stellar Project. Lundin Mining remains PolarX's largest shareholder with 12.8% of the Company. The outstanding potential of the project has been highlighted by the recent discovery of porphyry copper"gold mineralisation at the Mars prospect and the presence of porphyry" related hydrothermal alteration at Saturn. PolarX has now initiated a process to secure an alternative source of earn"in funding for the Stellar porphyry targets. PolarX will continue to sole"fund its own programs for the high"grade Zackly and Caribou Dome deposits at Alaska Range. PolarX retains very strong institutional investor support, including major shareholders Lundin Mining, JP Morgan, US Global, Ruffer Gold Fund and Lowell Resources Fund.

The securities of PolarX Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PXX, pending the release of an announcement regarding its strategic relationship with Lundin Mining Corporation.

The suspension of trading in the securities of PolarX Limited will be lifted immediately, following the release by PXX of an announcement regarding a capital raising.

The company has received offers to subscribe for approximately 21 million shares at an issue price of 6c per share to raise approximately $1.26 million. The Placement is being undertaken within the Company's existing capacity under ASX Listing Rule 7.1 and completion is expected on or around 14 December 2018. The proceeds will be used for metallurgical testing at the Alaska range.

The Company advises that it has received firm indicative bids but needs to finalise settlement details with overseas participants and believes it is appropriate to remain in voluntary suspension until completion. The company requests that the voluntary suspension of its securities remain in place until the earlier of the release of an announcement or the commencement of trading on 10 December 2018.

The securities of PolarX Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PXX, pending the release of an announcement regarding a capital raising.

The suspension of trading in the securities of PolarX Limited will be lifted immediately following the release by the Company of an announcement regarding a capital raising.

Approximately AUD $2.5m is being raised from the issue of ~24m new shares at a price of 10.5 cents per share. The raising was supported by existing major shareholders in London, Hong Kong and Singapore, and several new investors from New York, Singapore, Perth and London. The funds will be used to undertake a program of resource extension drilling at the Zackly Cu"Au" Ag skarn deposit in the Alaska Range Project. Drilling  is scheduled to commence in June.

The company will remain in voluntary suspension pending completion of negotiations in relation to the capital raising. The announcement regarding this is anticipated to be made no later than pre-open on 10 May 2018.

The company requests an extension of its voluntary suspension pending completion of negotiations in relation to the capital raising. The announcement regarding the capital raising is expected to be released no later than pre-open on 9 May 2018.

The securities of PolarX Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement regarding a capital raising.

name changed from Coventry Resources Limited