Resources juniors St George Mining and Orion Minerals have gone into trading halts to raise a combined $10 million via placements to advance projects in WA and South Africa.
St George is seeking $5 million at 15¢ a share, a 16.7 per cent discount to Monday’s close. The cash will fund further exploration of the company’s Mt Alexander nickel project in WA’s north-eastern goldfields near Leonora.
A term sheet for the raising issued by joint lead managers Bell Potter and Argonaut says the “excellent exploration results at Mt Alexander build confidence in the resource potential at the project”, supporting the emergence of the area as a major new nickel sulphide belt.
Orion is also chasing $5 million, at 2.5¢ a share — a 7.4 per cent discount to Monday’s close.
Sole lead manager Petra Capital says the funds will mainly be used to complete optimisation studies, early stage works and exploration linked to Orion’s Prieska copper and zinc project in South Africa.