- West Australian nickel company St George Mining (SGQ) has completed its $7 million private placement
- More than 85.3 million fully paid ordinary shares have now been issued to institutional and sophisticated investors at 8.2 cents
- Due to high investor demand, the placement was upsized by $2 million
- St George will use the funds to underpin drilling and exploration activities at its flagship Mt Alexander Project in Western Australia
- Shares in St George are down a slight 1.19 per cent on the market and trading at 8.3 cents
West Australian nickel company St George Mining (SGQ) has completed its $7 million private placement.
All up, 85,365,854 fully-paid ordinary shares have now been issued to institutional and sophisticated investors at 8.2 cents.
Due to high demand, the placement was upsized by $2 million and Argonaut and Canaccord Genuity acted as joint lead managers.
St George will use the funds to underpin drilling and exploration activities at its flagship Mt Alexander Project in Western Australia.
In mid-April, St George discovered high-grade nickel-copper sulphides at Mt Alexander.
A 10.96-metre interval of nickel-copper sulphides was intersected 333.6 metres downhole, confirming the high-grade nature of the project.
Drilling is continuing at the project with work testing electromagnetic conductors.
“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,” Executive Chairman John Prineas commented.
“Diamond drilling at Mt Alexander is ongoing with a strong pipeline of nickel-copper sulphide targets to be tested,” he said.
“In addition to our priority focus on Mt Alexander, we are also gearing up for the maiden drill program at our Paterson Project to test a number of compelling copper and gold targets,” he added.
St George is down a slight 1.19 per cent on the market and shares are trading at 8.3 cents at 12:06 pm AEST.