Argonaut, as Co-Manager, has been successful in raising A$6.47 million for St George Mining Limited (ASX: SGQ) (“St George”) to both Australian and overseas institutional and sophisticated investors of 43,165,470 new ordinary shares at an issue price of A$0.15 per share.
Proceeds from the capital raising will enable St George to continue exploration activities at the Mt Alexander Project where nickel-copper sulphides have been discovered over a broad area, supporting the potential for a new nickel sulphide camp. The funds raised will also be used for exploration at the Company’s other Western Australian projects and for working capital.
Commenting on the raising, St George Executive Chairman, John Prineas said, “the placement provides St George with a strong balance sheet that allows us to vigorously progress the tremendous exploration opportunity at the Mt Alexander Project.
Since commencing drilling at the Project earlier this year, we have intersected massive nickel-copper sulphides at three prospects and expanded the Cathedrals nickel-copper sulphide belt to 3.5km of recurrent mineralisation.
We are committed to continuing to create substantial shareholder value through exploration success and thank new and existing shareholders for recognising the strong upside of our projects.”
Argonaut is delighted to provide support to St George and looks forward to continue working with the company.
Additional information regarding St George and the Capital Raising can be found on the company’s website at www.stgeorgemining.com.au.