St George Mining completes $3.6 million placement to fund drilling at Mt Alexander

St George Mining Ltd (ASX:SGQ) has completed a private placement of ordinary shares to institutional and high net worth resources investors raising more than $3.6 million.

There were a total of 45,277,814 shares issued at 8 cents each to raise $3,622,225.

Executive chairman John Prineas said: “The support received in the placement – and in the SPP to date – has been very strong and we thank all investors for the backing they have shown the company.”

A share purchase plan (SPP) was also launched by the company on May 12, under which eligible shareholders were invited to also acquire shares in St George at 8 cents per share.

The SPP remains open and is scheduled to close on May 29, 2020.

Drilling fully funded

New funds secured under these capital raising initiatives will underpin the 2020 drill program at St Georges flagship Mt Alexander Project, with drilling scheduled to begin next week.

Prineas said: “The 2020 drill program will test targets at Mt Alexander with potential for new high‐grade nickel‐copper sulphide discoveries as well as targets to confirm the extension of known mineralisation.

“The shallow nickel‐copper sulphide deposits already discovered in the Cathedrals Belt have confirmed the presence of exceptional high‐grade nickel, copper, cobalt and platinum group metals over a strike of 5.5 kilometreRead More – Source