Emerging WA nickel stock St George Mining (ASX: SGQ) has completed a heavily oversubscribed $4 million share placement, perfectly timed with the recommencement of drilling at the highly prospective Mt Alexander project near Leonora. The placement, led by Argonaut, was priced at 18c and gives St George more financial fire power for drilling at Mt Alexander, where it intercepted high-grade nickel-copper sulphides late last year.
HIGHLIGHTS:
- $4 million oversubscribed placement completed with allotment of new shares
- Funds to support drilling of high‐grade nickel‐copper sulphide targets at Mt Alexander
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 12 March 2018, it has completed a private placement of ordinary shares to raise $4 million (“Placement”).
John Prineas, Executive Chairman of St George Mining, said:
“We are very pleased with the strong goodwill received from new and existing shareholders. I thank all shareholders for their continued support.
“The funds raised will support ongoing drilling at the Mt Alexander Project where nickel‐copper‐cobalt‐PGE sulphides have been intersected over a 4km strike of the Cathedrals belt.
“With the 2018 drill programme for Mt Alexander getting underway this week, it is an exciting time for St George shareholders.”
The Company hasissued 22,360,002 fully paid ordinary shares at $0.18 per share.
After the issue of the above securities, the Company has the following listed securities on issue:
Fully Paid Ordinary Shares
278,407,716
Listed Options exercisable at $0.20 on or before 30 June 2017
24,584,714
The shares issued under the Placement were issued pursuant to the Company’s 10% placement capacity under ASX Listing Rule 7.1A. As such, the Company provides the below information under ASX Listing Rule 7.1A.4(b) in respect of the shares issued under ASX Listing Rule 7.1A.
(a) The Company issued 22,360,002 shares under ASX Listing Rule 7.1A which resulted in the following dilution to existing shareholders:
Number of shares on issue before the issue date
250,546,082
Shares issued under ASX Listing Rule 7.1A
22,360,002
Percentage of voting dilution to existing shareholders as a result of the shares issued pursuant to the Placement
8.92%
To view the 2018 Drill Programme for Mt Alexander – Presentation, click here
