PERTH (miningweekly.com) – Nickel explorer St George Mining has raised A$4-million through a share placement to institutional and sophisticated investors to fund exploration and drilling programmes at the Mt Alexander nickel/copper sulphide project, in Western Australia.
Some 22.2-million shares, priced at 18c each, will be placed under the company’s existing capacity.
“We are delighted with the strong demand for the placement from new investors and existing shareholders,” said St George executive chairperson John Prineas.
“This capital raising strengthens St George’s ability to deliver further shareholder value through continued exploration success, with the strong investor demand for the placement testament to the potential of our exciting Mt Alexander project.”
Drilling is scheduled to start this week.