Santana readies for near A$10m raise
PERTH (miningweekly.com) – ASX-listed junior Santana Minerals will raise just over A$9.3-million in a share placement.
The company on Friday said that it would issue 15-million fully paid ordinary shares at a price of 62.5c each in two tranches.
The first tranche of 9.8-million shares will be issued under the company’s existing placement capacity while the second tranche of 5.2-million shares will be subject to shareholder approval.
Santana on Friday said that the bids lodged for new shares substantially exceeded the company's placement capacity, and after consideration was given to the recent success of the company’s exploration drilling at the Bendigo-Ophir project, in New Zealand, and the proposed application of funds to be raised, it was decided to accept over subscriptions, subject to the approval of shareholders at a general meeting to be called as soon as possible.
These additional funds will enable Santana to more aggressively approach the immediate future exploration programme, particularly because recent drilling has both found excellent gold mineralisation and also increased the company’s understanding of the geology of this mineralisation, Santana said.
Additional metallurgical testing will also be possible, to keep pace with the definition of new resources.
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