Small cap mining explorer St George Mining was cap in hand in front of fund managers on Tuesday morning, raising money to finance its exploration activities.
Mining explorer St George Mining was in front of fund managers on Tuesday in its quest for fresh capital. Supplied
The company was seeking $3.6 million through a placement of new shares, according to terms sent to funds.
The offer was priced at a 20 per cent discount to St George's 10¢ last close.
Argonaut, Bell Potter and Canaccord Genuity were joint lead managers on the offer and were calling for bids into the placement by 5pm on Tuesday for investors in the southern hemisphere. Northern hemisphere investors had until 10am on Wednesday to get their bids in.
Funds were told the fresh capital would be used for exploration expenditure and general working capital.
The company was also kicking off a share purchase plan to raise up to $1.6 million.
The $41 million company's flagship project is the Mt Alexander Project in Western Australia, where it has discovered nickel-copper sulphide.
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May 05, 2020 at 07:19AM
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Mining explorer St George taps three brokers for raising - The Australian Financial Review
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