POLARIS Metals has joined the growing ranks of iron ore producers cashing up in recent weeks, with the Mid West-focused explorer raising $A11.6 million via a rights issue to existing shareholders.
The company, which is primarily focused on the Yilgarn and Poondano projects in Western Australia, raised the cash via the issue of one new share for every five existing shares, for a total of 25.8 million, at 45c per share.
The funds will go towards pre-feasibility studies into the projects, with the Perth-based company eyeing a potential start to production by 2010.
Last month Polaris released an updated inferred resource for its combined Yilgarn project deposits of 30 million tonnes at 58.1% iron at a 55% iron cut-off.
Shares in Polaris were last trading at 54c, up 1c this morning.
POL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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