• Firm commitments received for A$58 million institutional placement
• Placement issue price of A$0.46 per share, 9.7% discount to 10-day VWAP
• Funds to be used for Simberi mobile fleet expansion, Simberi Expansion Feasibility Study, and Nova Scotia Pre-Feasibility Study

St Barbara Limited (ASX: SBM) has announced that it has received firm commitments for an institutional placement to raise A$58 million (before costs). The placement was overbidded, with significant demand from leading Australian and international institutional investors, as well as strong support from existing institutional shareholders. The issue price of A$0.46 per share represents a 9.7% discount to the 10-day volume weighted average trading price on ASX of A$0.51 per share. Funds raised from the placement will be used to accelerate the Simberi mobile fleet expansion and conversion, finalise the Simberi Expansion Project Feasibility Study, advance the Simberi Pre-Expansion Growth Capital items, complete the Pre-Feasibility Study on the 15-Mile Processing Hub in Nova Scotia, and advance plans for the potential re-opening of Touquoy for stockpile processing in Nova Scotia. St Barbara's Managing Director and CEO, Andrew Strelein, expressed the company's pleasure with the overwhelming support for the placement from existing institutional shareholders and the ability to welcome numerous new high-quality domestic and international institutional investors to the register.