- Santana Minerals (SMI) has entered back-to-back trading halts ahead of a capital raising
- While exactly how much will be raised is not yet certain, the capital raise will support the acquisition of the Bendigo-Ophir Gold Project in New Zealand
- Last month, Santana signed a sale and purchase agreement with Matakanui Gold (MGL) to buy 100 per cent of its issued share capital
- MGL owns the Bendigo-Ophir Project which has multiple drill-ready targets
- Santana’s shares last traded for 0.3 cents on Tuesday, October 27
Santana Minerals (SMI) has entered back-to-back trading halts ahead of a capital raising.
The company will remain the trading halts until the earlier commencement of trading on Tuesday, November 3, unless details of the raise are announced earlier.
While how much Santana will raise remains unclear, the company stated the funding is in relation to the Bendigo-Ophir Gold transaction.
In September, Santana Minerals signed a sale and purchase agreement with Matakanui Gold (MGL) to buy 100 per cent of its issued share capital.
MGL is a privately-owned New Zealand company that owns the Bendigo-Ophir Gold Project in Central Otago, New Zealand.
The project contains an inferred mineral resource of around 10.1 million tonnes at 0.8g/t uncut for 252,000 ounces of gold. Bendigo-Ophir has significant exploration potential including multiple targets that are ready for drilling.
“With several drill ready targets already identified, the company looks forward to promptly embarking on a drill campaign and delivering on the enormous potential of the project,” Santana Minerals CEO Shane Pike said at the time.
Santana’s shares last traded for 0.3 cents on Tuesday, October 27.