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St George Mining Ltd Wraps Up Oversubscribed Raising To Explore WA Projects

St George Mining Ltd (ASX:SGQ) has now wrapped up its oversubscribed private placement of which raised $2.3 million to explore its portfolio of projects in Western Australia.

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.

SPP details

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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