Funds To Support Ongoing Mt Alexander Campaign
St George Mining Limited (ASX: SGQ) has completed a private placement of fully paid ordinary shares to institutional and sophisticated investors to raise A$7 million.
Executive Chairman, John Prineas, said the new funds secured under the capital raising will underpin drilling and other exploration activities at St George’s flagship Mt Alexander Project in Western Australia’s Goldfields, where the company last month reported another high‐grade nickel‐copper sulphide discovery to further expand Mt Alexander’s resource footprint.
“We are very pleased with the strong investor backing which recognises the quality of the high‐grade discoveries made at Mt Alexander as well as the significant exploration upside at our Project,” Mr Prineas said.
“We thank new and existing shareholders for their continued support.
“Diamond drilling at Mt Alexander is ongoing with a strong pipeline of nickel‐copper sulphide targets to be tested.
“In addition to our priority focus on Mt Alexander, we are also gearing up for the maiden drill programme at our Paterson Project to test a number of compelling copper and gold targets.
“This is an exciting time for St George shareholders.”
Argonaut and Canaccord Genuity acted as Joint Lead Managers to the Placement.
The Mt Alexander Project is located 120km south‐southwest of the Agnew‐Wiluna Belt, which hosts numerous world‐class nickel deposits. The Project comprises six granted exploration licences – E29/638, E29/548, E29/962, E29/954, E29/972 and E29/1041 – which are a contiguous package. A seventh granted exploration licence – E29/1093 – is located to the south‐east of the core tenement package.
