Following its recent announcement of a placement to raise A$5 million, St George Mining Limited (ASX:SGQ) has confirmed it is also staging a Share Purchase Plan (SPP).
The SPP will provide Eligible Shareholders with the ability to participate in the company’s capital raising activities. Under the Plan, Eligible Shareholders will have the opportunity to purchase up to A$30,000 worth of Shares at the same price as the Placement, irrespective of the size of their shareholding, without incurring brokerage or transaction costs.
The offer under the Plan is intending to raise A$1 million, with the ability to accept over-subscriptions of an additional A$1 million.
Use of Funds
The proceeds raised under the Plan and the Placement will be used to fund:
- · exploration at the Mt Alexander Project, including drilling of nickel‐copper sulphide targets and geophysical surveys to assist with identifying additional targets;
- · Resource drill‐out of the shallow high‐grade deposits at Mt Alexander;
- · scoping study activities regarding a potential starter mining operation at Mt Alexander;
- · exploration at the Paterson Project, including the drilling of copper‐gold targets; and
- · general working capital.
For further information please visit: https://stgm.com.au/
