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St George Mining Limited (ASX:SGQ)

ALERT: Price-sensitive ASX Announcement for SGQ
Current share price for SGQ : $0.075 -0.035 (-31.82%)+
Announcement
Release
17 Jun 2026 9:04AM
Price at Release
$0.110
Full Release
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Summary
St George Mining Limited has secured A$60 million to accelerate the development of its Araxá Rare Earths-Niobium Project in Minas Gerais, Brazil. The funding was obtained through a two-tranche placement involving the issuance of 600 million new shares. Hancock Prospecting, the largest shareholder, contributed significantly to the investment. This initiative aims to advance the project through feasibility studies and towards a financial investment decision. The placement's first tranche is set to settle by 23 June 2026, with completion of the second tranche dependent on shareholder approval.
Key Points
  • St George Mining Limited (ASX: SGQ) raised A$60 million through a two-tranche institutional placement.
  • The Placement involves issuing 600 million new fully paid ordinary shares at an offer price of A$0.10 per share.
  • Hancock Prospecting Pty Ltd, a major shareholder, committed to a A$20 million investment.
  • The funds will be used to develop the Araxá Project in Minas Gerais, Brazil, focusing on high-grade rare earth and niobium.
  • The Araxá Project has favorable logistics and is situated in an established mining region.
  • Tranche 1 of the placement will issue approximately 424.5 million shares, raising A$42.4 million, expected to settle by 23 June 2026.
  • Tranche 2 is subject to shareholder approval at an Extraordinary General Meeting on 10 July 2026.
  • The placement was supported by existing and new institutional investors.
  • The Offer Price was set at a 9.1% discount to the last closing price and a 3.5% discount to the 5-day volume weighted average price.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.