St George Mining (ASX: SGQ) has received firm commitments for a $3 million capital raising via a placement of fully paid ordinary shares to institutional, sophisticated and professional investors.
The placement comprises the issue of the following securities:
- 150,000,000 ordinary shares in the capital of St George at a price per share of $0.02; and
- 75,000,000 options to acquire ordinary shares in St George, being one free-attaching option for every two shares subscribed for and issued, with each option having an exercise price of $0.04 and an expiry date of two years after the date of issue.
The placement shares will be issued under ASX Listing Rule 7.1 on or about 4 December 2024. The placement options will be issued subject to shareholder approval. The company is proposing to hold a general meeting to obtain such approval in late January.
The placement was arranged by St George without the engagement of a lead manager.
“We thank investors for their support in this placement, which will boost working capital and assist to progress our existing projects,” executive chairman John Prineas said.
“We are also excited to be progressing arrangements for the proposed acquisition of the Araxá project in Brazil. We expect to close that acquisition in Q1 2025, with further news on final arrangements expected soon.”
