Santana Minerals' successful capital raising

Santana Minerals Limited (ASX: $SMI) has successfully secured firm commitments to issue approximately 27.1 million fully paid ordinary shares in a private placement, raising approximately A$31.2 million. In addition, the company plans to undertake a share purchase plan targeting to raise up to a maximum of A$4.0 million at the same issue price as the Placement.

Chairman's perspective on the capital raising

We are extremely pleased with the strong demand for the Placement, with support from both existing shareholders and new, highly credentialed domestic and international institutional investors which is a testament to the outstanding quality of our Bendigo Ophir Gold Project which was highlighted in our recently released scoping study. The funds raised from the Placement ensures we have the balance sheet to rapidly advance the Bendigo Ophir Gold Project towards development whilst having the flexibility to continue to pursue the numerous growth opportunities that exist within the project through aggressive extensional and exploration drilling. We are also pleased to be able to provide eligible shareholders with the opportunity to participate in the equity raising on the same terms as the Placement via the SPP to further strengthen our balance sheet.

Rapid advancement of Bendigo Ophir Gold Project

Santana Minerals Limited has successfully raised approximately A$35.2 million through a private placement and a share purchase plan. The funds raised will be utilized to rapidly advance the Bendigo Ophir Gold Project, demonstrating strong support from both existing and new investors. The company's Chairman, Peter Cook, highlighted the exceptional quality of the Bendigo Ophir Gold Project and expressed satisfaction with the demand for the Placement. The capital raised will provide the company with the financial strength to expedite the development of the project and pursue growth opportunities through aggressive extensional and exploration drilling. Additionally, eligible shareholders have the opportunity to participate in the equity raising via the Share Purchase Plan, further strengthening the company's balance sheet. The successful capital raising reflects the confidence in Santana Minerals' strategic direction and the potential of the Bendigo Ophir Gold Project.