Australia's St George Mining raises $60M

• St George Mining secured $60 million through a two-tranche institutional share placement.
• The placement will increase the company's total shares on issue by 600 million units.
• The funding will accelerate development of the company's rare earths and niobium projects in Brazil.

St George Mining (ASX:SGQ) secured firm commitments to raise $60 million through a new share placement.

This capital raise follows expanding resource development goals compared to the exploration results from the previous year.

“The newly secured funding will bolster and accelerate St George’s programme," said St George Mining Executive Chairman John Prineas.

The company stated the placement includes two tranches raising $42.4 million and $17.6 million, respectively.

Following the announcement, the St George Mining share price was unchanged at $0.10.

These funds are earmarked to advance development at the Araxá Project located in Minas Gerais, Brazil.

Hancock Prospecting supported the raise with an $20 million commitment to hold a 10.5% interest.