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St George Mining placement attracts new investor in Moho Resources

Moho is acquiring 5 million shares valued at $500,000 in the $3 million placement for an initial 1.37% interest.

Stacks of coins
Placement proceeds will fund expanded exploration at the Mt Alexander project

St George Mining Ltd’s $3 million placement includes participation by a new investor in Moho Resources Ltd (ASX:MOH) which is purchasing shares valued at $500,000.

Moho, which has exploration projects in Western Australia and Queensland, is acquiring 5 million St George shares at 10 cents per share for an initial 1.37% interest.

The placement price is a 13% discount to St George’s last close of 11.5 cents on Tuesday, July 16, a 13.5% discount to the 15-day VWAP of 11.56 cents and a 14.2% discount to the 30-day VWAP of 11.65 cents.

READ: St George Mining expands nickel-copper exploration after securing $3 million

Placement shares are expected to be allotted and begin trading on Friday, July 26.

St George plans to use proceeds from the placement to expand exploration programs at its Mt Alexander Nickel-Copper Project near Leonora in WA as well as general working capital and corporate expenses.

Moho’s managing director Shane Sadleir said: “St George is undertaking some exciting exploration at Mt Alexander in WA and participating in this placement gives Moho exposure to a company poised to grow the scale of its high-grade nickel-copper discovery.”

Moho has three projects

Moho listed on the ASX in November 2018, raising $5.3 million.

The company is well-funded to advance exploration on its three highly prospective projects at Empress Springs in Queensland and Silver Swan North and Burracoppin in WA.

READ: St George Mining identifies further high priority nickel-copper targets at Mt Alexander

St George received strong institutional‐led investor support for the placement.

This endorses the quality of the Mt Alexander project - a high-grade nickel-copper sulphide discovery located in a tier-one mining jurisdiction.

Quick facts: St George Mining Ltd

Price: 0.13 AUD

Market: ASX
Market Cap: $53.64 m

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