Santana Minerals received commitments to raise A$9.375 million via placement

Santana Minerals Limited (ASX: SMI) has received commitments to raise A$9.375 million via the issue of 15,000,000 fully paid ordinary shares at A$0.625 per share.

The proceeds from the placement would help Santana to more aggressively approach the immediate future exploration programme, mainly because recent drilling has found excellent gold mineralisation and also improved the understanding of the geology of this mineralisation.

Placement would be completed in two tranches. In the first tranche, 9,800,0000 Placement Shares will be issued. In the second tranche additional 5,200,000 Placement Shares will be issued but is conditional upon shareholder approval.

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