THE BOURSE WHISPERER: St George Mining (ASX: SGQ) completed a placement of approximately 37.2 million fully paid ordinary shares at 11 cents per share to raise $4 million.
“We are very pleased with the strong investor backing which recognises the substantial exploration upside at the high‐grade Mt Alexander project at a time of heightened investor interest in the nickel sulphide market,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.
“We thank new and existing shareholders for their continued support.
“We are preparing a major drill program for Mt Alexander that will test nickel‐copper sulphide targets across the highly mineralised Cathedrals Belt including a large number of EM conductors.”
St George Mining said the funds from the placement will fund upcoming exploration at the company’s Mt Alexander project and other projects as well as working capital and general corporate expenses.