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- Santana Minerals (SMI) obtains firm commitments to raise $4 million through the issuance of around 18.6 million fully paid ordinary shares at 21.5 cents per share
- The funds will be used to advance the Bendigo-Ophir gold project in New Zealand as well as for general working capital
- Bendigo-Ophir project recently experienced a significant increase in its inferred resource from 252,000 to 643,000 ounces of gold
- Shares in Santana rounded off the day trading 13.2 per cent lower at 23 cents
Santana Minerals (SMI) has obtained solid commitments to raise $4 million through the issuance of about 18.6 million fully paid ordinary shares at 21.5 cents per share.
Bell Potter Securities served as the placement’s Lead Manager.
The funds will be used to advance the Bendigo-Ophir gold project in New Zealand as well as for general working capital.
Over seven million placement shares will be issued within the company’s current placement capacity, and roughly 11.4 million placement shares to be issued.
Last week the company released its quarterly report for the three months ending September 30.
During this time, Santana concentrated on the advancement of its Bendigo-Ophir project, which recently experienced a significant increase in its inferred resource from 252,000 to 643,000 ounces of gold.
All inferred resources are more than 260 metres vertical depth from the natural surface, and enough resources have now been discovered to support pit optimisation. This is scheduled to commence before the end of the year when assays from extension drilling are obtained.
In the coming year, Santana plans to drill between 10,000 and 20,000 metres to update the mineral resource, test key targets, develop metallurgical studies, and initiate feasibility studies.
Shares in Santana rounded off the day 13.2 per cent in the red, trading at 23 cents.
