St George raises cash for exploration

PERTH (miningweekly.com) – ASX-listed junior St George Mining has raised more than A$2.1-million to fund exploration work in Western Australia.

The company said on Monday that it would issue 25-million shares, at 8.5c each, to raise the capital, with shares placed with institutional and strategic investors. The shares were also placed within the company’s 15% capacity, and as such would not require shareholder approval.

“We thank new and existing shareholders for their support and for recognising the potential for a significant uplift in our valuation on drilling success,” St George executive chairperson John Prineas said.

St George’s flagship asset is the East Laverton property, which extends some 2 000 km² and covers an area that is prospective for nickel sulphide, base metals and gold deposits.