A Share Purchase Plan (SPP) will also been launched, priced at $0.085 (the same price as the placement), which could raise a further $255,000.
John Prineas, executive chairman, commented:
"Due to overwhelming interest from existing shareholders who were not able to participate in the private placement, we will launch a share purchase plan next week that will provide existing shareholders with an exclusive opportunity to acquire shares at the same price as shares issued under the private placement.
"Its an exciting time for St George with the upcoming drill programs at Mt Alexander and East Laverton having potential to be significant near-term value drivers."
Drilling will commence shortly at the Mt Alexander and East Laverton Projects, providing strong near-term exploration news flow.
The amount to be raised under the SPP will be capped at $255,000 and shares will be allocated on a firstcome first-served basis.
The SPP will close on 15 April 2016.
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