St George Mining completes $7 million placement to underpin aggressive exploration of nickel‐copper sulphide targets

St George Mining (ASX:SGQ) (FRA:S0G) has completed a $7 million private placement, issuing a total of 85,365,854 shares at a price of $0.082 per share to institutional and sophisticated investors.  The funds raised will underpin drilling and other exploration activities at St George’s flagship Mt Alexander Project in WA’s Goldfields, where the company last month reported another high‐grade nickel‐copper sulphide discovery, further expanding Mt Alexander’s resource footprint.  Pleased with strong investor backing St George Mining executive chairman John Prineas said: “We are very pleased with the strong investor backing which recognises the quality of the high‐grade discoveries made at Mt Alexander as well as the significant exploration upside at our Project. “We thank new and existing shareholders for their continued support. “Diamond drilling at Mt Alexander is ongoing with a strong pipeline of nickel‐copper sulphide targets to be tested. “In addition to our priority focus on Mt Alexander, we are also gearing up for the maiden drill program at our Paterson Project to test a number of compelling copper and gold targets. “This is an exciting time for St George shareholders.” Placement details The company has issued 50.35 million shares under the company’s 10% placement capacity under ASX Listing Rule 7.1A while the remaining 35.29 million shares were issued according to the company’s current placement capacity under Listing Rule 7.1. Funds raised from the placement will be used for exploration at the Mt Alexander Project and also at the company’s other projects in WA, as well as for working capital and general corporate expenses. Argonaut and Canaccord Genuity acted as joint lead managers to the placement.