Growth-focused Western Australian nickel company St George Mining (ASX: SGQ) has confirmed that, further to its ASX Release dated 24 October 2019, it has completed an institutional‐led placement that has raised additional funding for its flagship project at Mt Alexander located in the north‐eastern Goldfields of Western Australia.
· Institutional‐led placement completed with $5.795m raised in new funding
· Extensive exploration programmes at St George’s high‐grade nickel‐copper sulphide project at Mt Alexander to be escalated
· Diamond drilling of high priority electromagnetic (EM) conductors continues 24/7
Under the institutional‐led placement, the Company issued 38,633,333 fully paid ordinary shares at $0.15 per share to raise $5,795,000.
In addition, the Company has extinguished a corporate loan facility of $850,000 through the issue of 5,666,667 fully paid ordinary shares at $0.15 per share.
The Company has no further loan facilities as at today’s date.
John Prineas, Executive Chairman of St George Mining, said: “We emerge from this capital raising with a balance sheet that is significantly strengthened, and the capacity to maintain the momentum of our extensive drilling and exploration programmes.
“With growing investor interest in the nickel space and exploration programmes in full swing, it is an exciting time for St George shareholders.”
After the issue of the above securities, the Company has the following listed securities on issue:
Fully Paid Ordinary Shares ‐ 412,611,265
Listed Options exercisable at $0.20 on or before 30 September 2020 ‐ 24,576,114
The new shares 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”).