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

Funds from the placement will be applied towards exploration at the Mt Alexander Project and the company’s other projects in Western Australia.

St George Mining Ltd - St George Mining completes $3.6 million placement to fund drilling at Mt Alexander Project
The company is also undertaking a share purchase plan

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 George’s 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 kilometres.

“We are optimistic that the forthcoming drill program will discover additional mineralisation of this kind and cement Mt Alexander’s position as the most exciting, advanced high‐grade nickel sulphide discovery in Australia.

“We look forward to reporting results of the drilling over the coming weeks and months.”

A reverse circulation (RC) drill rig is due to arrive at the site within days and a diamond rig is due to arrive at site the following week.

Quick facts: St George Mining Ltd

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ASX:SGQ
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Market Cap: $67.98 m
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