PERTH (miningweekly.com) – Explorer St George Mining has received firm commitments for a A$7-million capital raise to fund exploration at its flagship Mt Alexander nickel/copper/sulphide project, in the north-eastern Goldfields.
The company said that it would place more than 85.3-million shares, at a price of 8.2c each, to raise the cash, with the shares to be issued under the company’s existing placement capacity.
The placement was heavily oversubscribed, which St George said reflected the strong investor interest in the company’s ongoing exploration success, which continues to expand the nickel/copper sulphide footprint at Mt Alexander.
“With high-grade nickel/copper/cobalt/platinum-group metals starting at just 30 m from surface, a large underexplored mineral system and a location in an established mining region of Western Australia, our Mt Alexander project stands out as investors look for significant new high-grade nickel sulphide discoveries,” said St George executive chairperson John Prineas.
“Recent results from drilling and geophysical surveys at the West End and Investigators prospects have confirmed the potential for significant mineralisation at depth, below the shallow high-grade deposits already discovered.
“With this heavily oversubscribed placement, St George can now use its strong balance sheet to scope out the full mineral potential at the Mt Alexander project.”