St George Mining Ltd (ASX:SGQ) has increased the amount to be potentially raised under its share purchase plan (SPP) to $3.6 million due to strong interest from shareholders for participation.
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.
“Outstanding support”[hhmc]
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[hhmc]
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.
Closing date[hhmc]
The SPP is scheduled to close at 5:00pm (WST) on Friday, May 29 and will not be extended.
St George reserves tRead More – Source
[contf]
[contfnew]
Proactiveinvestors
[contfnewc]
[contfnewc]
