Santana Minerals completed a capital raising, securing $31.2 million through issuing 27.1 million fully paid ordinary shares to institutional, professional, and sophisticated investors at $1.15 per share.
The company plans to conduct a share purchase plan to raise up to $4 million at the same price.
The funds will advance the Bendigo Ophir Gold Project, focusing on resource definition, exploration, and early capital development.
Chairman Peter Cook emphasised the company's intent to allow eligible shareholders to participate in the share purchase plan under the same conditions.