THE BOURSE WHISPERER: St George Mining (ASX: SGQ) has completed a share placement to raise $1.05 million.
The raising resulted from the issue of 15 million shares at 7 cents per share with Alto Capital acting as lead manager to the placement.
St George said the funds raised will be used to continue exploration activities at the nickel sulphide prospects at the company’s 100 per cent-owned East Laverton property in Western Australia.
The company recently announced a major drilling program at East Laverton, which it is about to commence.
“We are very pleased with the support from investors who recognise the significant potential of our project and the deep value created by our systematic exploration to date,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.
“The funding we have secured will ensure we can maintain the momentum of our exploration throughout the upcoming drilling program, which is testing several outstanding targets for massive nickel sulphides.”
St George indicated it was now reviewing oversubscriptions it received for the placement and is considering how it may place an additional 5.4 million ordinary shares on the same terms.