Join our daily newsletter At The Bell to receive exclusive market insights
- Nickel miner St George Mining (SGQ) has announced that its share purchase plan closed with significant oversubscriptions
- The share purchase plan was launched in mid-May with an initial target of $1.6 million and was then increased to $3.6 million a few weeks later following very strong interest
- The company today announced that it had received applications totalling $9.37 million and needed to scale back individual applications by 40 per cent
- Shares are expected to be allocated on June 9 and begin trading on the ASX on June 10
- The money will be used primarily at the Mt Alexander nickel-copper sulphide project
- St George is down a slight 4.55 per cent and shares are trading for 10.5 cents each
Nickel miner St George Mining (SGQ) has announced that its share purchase plan closed with significant oversubscriptions.
The share purchase plan was launched in mid-May with an initial target of $1.6 million but then increased a few weeks later to $3.6 million following very strong interest.
At the time, St George stated that a scale back may need to be undertaken depending on the amount of applications received.
The company today announced that it had received applications totalling $9.37 million and needed to scale back individual applications by 40 per cent.
Under the share purchase plan, eligible shareholders were able to purchase between $2000 and $20,000 worth of shares at a price of $0.08 each.
Shareholders that took part in the share purchase plan will receive a letter in the coming weeks which outline their allocation, and where applicable, a refund check will also be distributed.
Applications were excluded if less than 1000 shares were applied for or any late ones were received.
Shares are expected to be allocated on June 9 and begin trading on the ASX on June 10.
The money from this share purchase plan, and an already completed placement, will be used primarily at the Mt Alexander nickel-copper sulphide project.
“The capital raisings completed over the past month have substantially boosted our cash reserves and allow us to step-up the pace of drilling at Mt Alexander,” Executive Chairman John Prineas said.
“Reverse circulation drilling is already underway and the first of two diamond rigs will arrive at site this week. The second diamond rig is due shortly,” he added.
St George is down a slight 4.55 per cent and shares are trading for 10.5 cents each at 12:23 pm AEST.
