Australia's St George Mining slides on discounted placement
BUZZ-Australia's St George Mining slides on discounted placement ** Shares of Australia's St George Mining SGQ.AX fall as much as 10.9% to A$0.098, set for their biggest pct loss since March 3
** Critical mineral projects developer announces two-tranche institutional placement of A$60 million ($42.37 million) at A$0.10 per share, a 9.1% discount to last close
** Co says placement primarily supported by existing investors, including the largest shareholder, Hancock Prospecting - owned by Australia's richest person, Gina Rinehart
** Adds following completion of placement, Hancock to hold about 10.5% interest in St George
** Says new funds to be used to advance development of high-grade rare earth and niobium Araxa Project in Minas Gerais, Brazil
** About 27.2 million shares trade hands, about 2.9x 30-day average
** Stock up 6.1% YTD
($1 = 1.4162 Australian dollars)
(Reporting by Subhalakshmi Dey in Bengaluru)
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Brief: St George Mining Says A$60M Secured For Araxa Rare Earths-Niobium Project