Growth-focused Western Australian nickel company St George Mining Limited (ASX: SGQ) has completed a private placement of fully paid ordinary shares to institutional and sophisticated investors. A total of 92,307,692 shares was issued at $0.052 per share under the placement.
The new funds secured under the capital raising will underpin exploration and development activities at St George’s flagship Mt Alexander high-grade nickel-copper sulphide project and the emerging Paterson Project, which has several compelling copper-gold targets.
In addition, a share purchase plan to raise up to $2 million is now open and gives St George’s existing shareholders the opportunity to invest in the Company at the Placement price.
“We greatly appreciate the backing of new and existing shareholders, which recognises the significant upside in our projects,” St George executive chairman John Prineas said.
“St George is finalising updated exploration and development programmes for both the Mt Alexander Project and our emerging Paterson Project. I look forward to announcing these programmes in the coming days.
“These exploration and development programmes, which will build on the significant success and insights delivered from our work to date at both projects, have the potential to be significant near-term value drivers for St George.
“The Share Purchase Plan is now open and entitles eligible shareholders to acquire shares at the same price as shares issued under the Placement. If shareholders have not yet received their personalised application form, they should contact St George or our registry Computershare to ensure they have an opportunity to participate before the offer closes.
“With investor interest in future-facing commodities – particularly nickel and copper – undergoing a structural change, it is an exciting time for our Company.”
