Western Australian nickel company St George Mining Limited has completed a private placement at a value of $5 million.
The new funds secured under the capital raising will underpin exploration and development activities at St George’s flagship Mt Alexander high-grade nickel-copper sulphide project and the emerging Paterson Project, which has several compelling copper-gold targets.
In addition, a share purchase plan to raise up to $2 million is now open and gives St George’s existing shareholders the opportunity to invest in the company at the placement price issued at $0.052 per share.
“We greatly appreciate the backing of new and existing shareholders, which recognises the significant upside in our projects,” St George executive chairman John Prineas said.
St George is finalising updated exploration and development programmes for both the Mt Alexander Project and the emerging Paterson Project and have the potential to be significant near-term value drivers for St George.
“With investor interest in future-facing commodities – particularly nickel and copper – undergoing a structural change, it is an exciting time for our company.”
The Mt Alexander Project is located in the Goldfields region 120km south south-west of the Agnew-Wiluna Belt, which hosts numerous world-class nickel deposits. St George has made five high-grade nickel-copper sulphide discoveries at Mt Alexander and continues to build a significant nickel sulphide inventory.
St George has also just embarked on a maiden exploration drilling campaign at the Paterson Project, in the Pilbara. The area is highly prospective for gold and base metals.
