St George Mining Limited Secures A$3 Million Capital Raise

Highlights:

• A$3 Million Capital Raise: St George Mining Limited (ASX: SGQ) has secured A$3,000,000 through a share placement, aimed at boosting working capital and supporting exploration activities.
• Acquisition of Araxá Niobium Project: The company is progressing towards acquiring the high-grade Araxá Niobium-REE project in Brazil, with finalization expected in Q1 2025.
• Placement Details: The capital raising includes the issuance of 150 million shares at A$0.02 each and 75 million options, subject to shareholder approval in January 2025.

Successful Capital Raising to Boost Working Capital

St George Mining Limited (ASX: SGQ) has successfully secured A$3,000,000 in a capital raising through a placement of shares to institutional and sophisticated investors. The funds will enhance the company’s working capital and support exploration at its ongoing projects. The placement includes the issuance of 150,000,000 ordinary shares at A$0.02 per share and 75,000,000 options for every two shares subscribed. These options will have an exercise price of A$0.04, expiring in two years.

The placement is scheduled for completion around December 4, 2024, and the options will be issued pending shareholder approval at a general meeting in January 2025. This capital raise is expected to provide St George with the resources needed to advance its existing projects and continue its growth trajectory. At the time of writing, the company’s efforts to finalize these arrangements reflect strong support from the investor community.

Araxá Acquisition Plans in Brazil

St George Mining is also progressing its plans to acquire the high-grade Araxá Niobium-REE project in Minas Gerais, Brazil. The acquisition is expected to be finalized in Q1 2025, with further updates to be released soon. The capital raise forms a part of the funding strategy for this significant acquisition, which is seen as a key move to expand St George’s portfolio in the mining sector.

Company’s Strategic Focus

John Prineas, Executive Chairman of St George Mining, expressed appreciation for the investor support, noting that the funds raised will assist in the continued development of existing projects and the advancement of the Araxá acquisition.

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