St George Mining (ASX:SGQ) secured firm commitments to raise AU$5 million through a placement of 131.6 million shares at AU$0.038 apiece, according to a Friday filing with the Australian bourse.
The proceeds will support and expedite the development of the Araxa project in Brazil, the filing said.
Shares rose nearly 3% in afternoon trade Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.