St George Mining ready to drill more targets after successful raising

St George Mining ready to drill more targets after successful raising

Growth‐focused Western Australian nickel company St George Mining Limited (ASX: SGQ) has completed its placement of 37.2 million shares at 11 cents each, raising $4 million.


Growth‐focused Western Australian nickel company St George Mining Limited (ASX: SGQ) has completed its placement of 37.2 million shares at 11 cents each, raising $4 million.

HIGHLIGHTS

·       $4 million placement completed with allotment of new shares

·       New funds will support the upcoming drill programme at the Mt Alexander Project

·       Drilling will focus on high‐grade nickel‐copper sulphide targets including numerous strong electromagnetic (EM) conductors at Mt Alexander

St George Mining’s Executive Chairman John Prineas, said: “We are very pleased with the strong investor backing which recognises the substantial exploration upside at the high‐grade Mt Alexander Project at a time of heightened investor interest in the nickel sulphide market. We thank new and existing shareholders for their continued support.

“We are preparing a major drill programme for Mt Alexander that will test nickel‐copper sulphide targets across the highly mineralised Cathedrals Belt including a large number of EM conductors.

“This is an exciting time for St George shareholders.”

The Placement was undertaken utilising St George’s existing placement capacity under ASX Listing Rule 7.1 and 7.1A.

All of the shares issued under the Placement will rank pari passu with existing ordinary shares.

Funds from the placement will fund upcoming exploration at St George’s Mt Alexander Project and other projects as well as working capital and general corporate expenses.

Argonaut acted as Lead Manager to the Placement.

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