Santana Minerals (ASX:SMI) has completed its $113 million initial placement, awaiting approval to raise an additional $17.04 million.
The company issued 125.51 million shares at $0.90 each for its placement announced on 17 February 2026.
Shareholders will be notified of an upcoming meeting to seek approval for the conditional component of the placement in the coming week.
Canaccord Genuity and Bell Potter Securities acted as the joint lead managers for this placement, which will be followed by a share purchase plan under the same conditions.
Funds will be deployed to accelerate development activities at the Bendigo Ophir Gold Project ahead of a final investment decision, as well as early infrastructure civil works, the procurement of plant and infrastructure items, and exploration activities.
Santana Minerals is focused on developing the Bendigo-Ophir Project in Central Otago, New Zealand to become an environmentally responsible and economically sustainable mining project.
Write to Maddison Elliott at Mining.com.au
Images: Santana Minerals
