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St George Mining completes $3.6 million share purchase plan

Funds support an expansion of the drill campaign underway to test high‐grade nickel‐copper sulphide targets at Mt Alexander Nickel-Copper Sulphide Project in WA.

Nickel - St George Mining completes $3.6 million share purchase plan
A total of 45 million shares were issued today at 8 cents per share

St George Mining Limited (ASX:SGQ) has completed its share purchase plan (SPP), raising $3.6 million through the issue of 45 million shares at 8 cents per share.

Following the issue of shares, it now has a total of 502,889,079 fully paid ordinary shares with 24,576,114 listed options exercisable at 20 cents on or before September 30, 2020.

In the coming days, SPP applicants will receive letters from Computershare with confirmation of their allocations and a refund cheque.

Total applications received under the SPP amounted to $9.37 million and given the high level of demand, applications have been scaled back.

The maximum amount of $3.6 million sought was a significant increase on the originally announced SPP target of $1.6 million.

Drill campaign underway

The fund-raising has strengthened St George’s balance sheet and supports an expansion of the drill campaign underway to test high‐grade nickel‐copper sulphide targets at the Mt Alexander Nickel-Copper Sulphide Project in WA.

St George has made multiple discoveries of high‐grade nickel-copper-cobalt‐PGE mineralisation across a 5.5-kilometre strike of the Cathedrals Belt, a large fertile belt that is interpreted to extend over 16 kilometres within the area of the Mt Alexander project.

The project is 120 kilometres SSW of the Agnew‐Wiluna Belt, which hosts numerous world‐class nickel deposits.

Quick facts: St George Mining Ltd

Price: 0.105 AUD

ASX:SGQ
Market: ASX
Market Cap: $52.87 m
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