Growth-focused nickel company St George Mining Ltd (St George) has confirmed that, further to the ASX Release dated 19 July 2019, it has completed an institutional-led placement that has raised additional funding for its high-grade nickel-copper sulfide project at Mt Alexander located in the northeastern goldfields of Western Australia.
The company has issued 33 million fully paid ordinary shares at AUS$0.10 per share to raise AUS$3.3 million (the placement).
John Prineas, St George Mining’s Executive Chairman said: “We appreciate the backing of new and existing shareholders for our upcoming exploration programmes at Mt Alexander – programmes which have the potential to be significant near-term value drivers.
“A diamond drill rig has arrived at Mt Alexander and drilling of a large number of electromagnetic (EM) conductors will start this week. We are confident that this major drill programme will identify additional high-grade mineralisation that could significantly increase the resource potential at our advanced prospects in the Cathedrals Belt.
“Exploration at earlier stage targets will also be accelerated – with a focus on the Fish Hook Prospect in the under-explored eastern extension of the Cathedrals Belt and the West End Prospect near the Ida Fault – both of which offer excellent potential for a new greenfields discovery.
“Its an exciting time to be expanding exploration activities at Mt Alexander with heightened investor interest in the nickel sulfide market.”
After the issue of the above securities, the company has the following listed securities on issue: Fully Paid Ordinary Shares: 368 307 665.
Listed Options exercisable at AUS$0.20 on or before 30 September 2019: 24 579 714. The shares issued under the placement 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).
Read the article online at: https://www.globalminingreview.com/finance-business/29072019/st-george-mining-completes-funding-for-its-mt-alexander-nickel-copper-sulfide-project/