St George sets raising target
PERTH (miningweekly.com) – Junior St George Mining has raised A$5-million in a share placement to institutional and sophisticated investors.
The ASX-listed company on Thursday said that 92.3-million shares were issued, at a price of 5.2c each, under the company’s existing placement capacity.
The company is hoping to raise an additional A$2-million through a share purchase plan.
St George told shareholders that the new funds secured under the capital raising will underpin exploration and development activities at its flagship Mt Alexander high-grade nickel/copper sulphide project and the emerging Paterson project, which has several compelling copper/gold targets.
“We greatly appreciate the backing of new and existing shareholders, which recognises the significant upside in our projects,” St George executive chairperson John Prineas said.
“St George is finalising updated exploration and development programmes for both the Mt Alexander project and our emerging Paterson project. I look forward to announcing these programmes in the coming days.
“These exploration and development programmes, which will build on the significant success and insights delivered from our work to date at both projects, have the potential to be significant near-term value drivers for St George.”
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