Depending on the final amount of applications received, St George will undertake a scale back at its discretion.
The $3.6 million raised under the SPP will result in 45,000,000 new shares being issued at 8 cents each.
Executive chairman John Prineas said: “We appreciate the outstanding support of existing shareholders for the SPP and are pleased to increase the target amount so that there is a more fair and equitable allocation to shareholders.
“The additional funds being raised under the SPP will allow us to prioritise an acceleration of the Mt Alexander drill program with an additional diamond drill rig to be deployed for testing the new, deeper nickel‐copper sulphide targets.”
Funds to progress exploration activities
Funds raised under the SPP will be used to progress exploration activities, including the 2020 drill program for high‐grade nickel‐copper sulphide at Mt Alexander Project.
The SPP is scheduled to close at 5:00pm (WST) on Friday, May 29 and will not be extended.
St George reserves the right to close the SPP prior to that date and urged eligible shareholders who wish to participate to submit their application form and payment as soon as possible.
Eligible shareholders who require further assistance to make an application should contact St George’s company secretary Sarah Shipway on 0437 220 697 or email [email protected]
Published at Tue, 26 May 2020 06:30:00 +0000-St George Mining increases SPP raising up to $3.6 million after strong interest