St George Mining raises $1.75m

St George Mining has completed a capital raising of $1.75 million to sophisticated investors.

The nickel and gold explorer said the funds raised would be put towards continued exploration at its nickel sulphide prospects at its East Laverton project, of which it took full ownership last year after BHP Billiton Nickel West withdrew from a farm-in agreement.

A total of 19.4 million shares at 9 cents per share were placed.

“We were very pleased with the strong level of sophisticated investor support,” St George Mining executive chairman John Prineas said.

St George Mining’s service providers Newexico and VM Drilling participated in the placement.

Shares in St George Mining closed 11.1 per cent lower at 12 cents per share.