St George Mining Ltd (ASX:SGQ) has completed a private placement of ordinary shares that has raised $6.47 million of funding for its exploration projects in Western Australia.
The placement included circa 43.2 million shares at $0.15 with one for five free attaching option exercisable at $0.20 on or before 30 June 2017.
St George has recently been on a massive nickel-copper sulphide mineralisation discovery streak at the Mt Alexander Project.
The project is located 120 kilometres south‐southwest of the Agnew-Wiluna belt which hosts numerous world class nickel deposits.
In 2008, BHP Billiton (ASX:BHP) discovered massive nickel-copper sulphides at Mt Alexander, but then it remained under-explored until it was acquired by St George.
The project is in a favourable location for infrastructure.
Adding to the St George portfolio, is the East Laverton and Hawaii projects.
East Laverton hosts high priority targets for gold and nickel sulphide over three greenstone belts.
The project is located near the two most recent world-class gold discoveries in Western Australia, being the plus 8 million gold ounce Tropicana, and the plus 6 million gold ounce Gruyere.
Hawaii is at an early stage of exploration.
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