St George Mining Ltd - Funded for Escalation of Drilling at Mt Alexander
Emerging WA nickel stock St George Mining (ASX: SGQ) says exploration drilling at its highly prospective Mt Alexander nickel sulphide project near Leonora should resume within two weeks. The drilling will include diamond and reverse circulation holes to test new electronmagnetic conductors at the Investigators prospect and carry out definition drilling at the Stricklands prospect. St George has wrappedup a $2.7 million place at 14c a share.
Emerging Western Australian nickel company St George Mining Limited (ASX: SGQ) (“St George” or “the Company”) is pleased to confirm that, further to the ASX Release dated 25 June 2018, it has completed a private placement of ordinary shares to raise $2.7 million (“Placement”).
The new funding will support an expanded drill programme at the Mt Alexander Project which will involve: § Diamond drilling of new electromagnetic (EM) conductors at the Investigators Prospect § RC (reverse circulation) and diamond drilling at the Stricklands Prospect as part of ongoing definition drilling
Drilling is scheduled to resume at Mt Alexander on or about 8 July 2018.
The Company hasissued 19,335,711 fully paid ordinary shares at $0.14 per share.
After the issue of the above securities, the Company has the following listed securities on issue:
Fully Paid Ordinary Shares 298,116,211
Listed Options exercisable at $0.20 on or before 30 September 2020 24,579,714
The shares issued under the Placement were issued pursuant to the Company’s 15% placement capacity under ASX Listing Rule 7.1, and were placed pursuant to Section 708 of the Corporations Act 2001 (“the Act”).
The Appendix 3B and Cleansing Notice in respect to the securities issued pursuant to the above follows