St George Mining Ltd (ASX:SGQ) has received very strong support from existing shareholders in its Share Purchase Plan (SPP).
Over $1.3 million of applications have been received to date, which is over 500% of the target of $255,000.
The amount raised by SPP was increased to allow every shareholder to receive at least the minimum allocation of $2,550.
The raising follows the $2.3 million placement, which along with the SPP, was priced at $0.085.
St George last traded at $0.135, providing participants with a handy paper profit.
John Prineas, executive chairman, commented:
“We thank our shareholders for their overwhelming support of the SPP, and we will ensure that every shareholder receives an allocation.
“Drilling starts on Monday 18 May at the Mt Alexander Project, and we are optimistic of intersecting further massive nickel‐sulphide mineralisation at the high quality targets to be tested.
“There is also a great sense of anticipation for the next drill programmes at East Laverton where we will test the 200,000 Siemens EM conductor at Windsor as well as our high priority gold targets at Ascalon and Bristol.
"These programs will follow later in May 2016.
“The coming weeks and months will be very exciting for St George shareholders, and we are really pleased that so many of our committed shareholders as well as our new investors have shown so much confidence in our assets.”
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