Funding has been received from investors for a placement of new shares with Shanghai Jayson New Energy Materials Co – a global battery minerals investor providing a $2mn cornerstone investment.
St George Mining (ASX:SGQ) says the placement was heavily demanded, reflecting the strong interest in the Mt Alexander project where the company has discovered high-grade pegmatite lithium mineralisation within a 15km long corridor.
“Thank you to the investors for recognising the tremendous growth opportunities in St George’s projects – particularly the rapidly developing lithium potential at Mt Alexander,” SGQ executive chairman John Prineas says.
“The cornerstone investment by Jayson is an endorsement of our team and the outlook for our projects.”
A total of 105mn shares will be issued at $0.068 per new share and will rank pari passu with existing ordinary shares.
Exploration to accelerate in 2023
Funds will allow St George to continue drilling at Mt Alexander, Prineas explains, as it works to complete its current maiden lithium program testing several pegmatite outcrops.
In 2023, SGQ’s plan is to escalate exploration with more than 20,000m of in the first half of the calendar year to fully scope the extent and scale of lithium mineralisation along the 15km-long prospective pegmatite corridor.
This article was developed in collaboration with St George Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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