- Moho Resources is participating in St George Mining’s $3 million capital raising plan by subscribing for $500,000 worth of shares
- Moho will purchase five million shares at $0.10 each
- Proceeds from St George’s placement will be used to advance exploration at its Mt Alexander nickel-copper project in WA
- St George said the company has received firm commitments to raise the full $3 million
Moho Resources is participating in St George Mining’s $3 million capital raising plan by subscribing for $500,000 worth of shares.
St George is pricing the share placement at $0.10 per share a — a 13 per cent discount on the company’s last close — and plans to use the proceeds to advance exploration at its Mt Alexander nickel-copper project in WA.
Moho Managing Director Shane Sadleir said St George’s exploration plans at Mt Alexander are exciting.
“Participating in this placement gives Moho exposure to a company poised to grow the scale of its high-grade nickel-copper discovery,” Shane said.
This is a strong endorsement of St George’s exploration plans and growth potential.
St George’s exploration is specifically focused on extending a major drill program already scheduled to kick off this month, and speed up exploration at the Fish Hook Prospect in the project area.
St George Executive Chairman, John Prineas thanked all existing and new shareholders who participated in the placement, and said the company has received firm commitments to raise the full $3 million.
“It is very pleasing to be able to expand the upcoming drill programme which, with its large number of EM drill targets, is expected to identify further significant mineralisation and increase the resource potential of our known discoveries at Investigators, Stricklands and Cathedrals,” John said.
Moho has its own three exploration targets across the country. These include the Empress Springs gold project in Queensland, and the Silver Swan North and Burracoppin gold and nickel projects in WA.
Moho shares are currently in a trading halt, but last traded for 5.4 cents each. St George shares are down 4 per cent today, now trading for 12 cents a piece in a 38.56 million market cap.