Santana Minerals (ASX:SMI) achieved a financial milestone, confirming the completion of its massive $113 million unconditional placement.
The gold-focused explorer revealed it has issued 125,513,727 fully paid ordinary shares to institutional and sophisticated investors, formalising the "initial placement" first flagged to the market on Feb. 17.
Santana is also eyeing an additional $17 million through a conditional component of the placement.
To facilitate this, the company will dispatch a notice of meeting to shareholders in the coming week to seek formal approval for the extra issuance.
Retail investors haven’t been forgotten either, with further details regarding a previously announced share purchase plan expected to be released concurrently.
From a regulatory standpoint, the company has cleared the necessary hurdles under the Corporations Act 2001.
By issuing a "cleansing notice" under section 708A(5)(e), Santana has ensured the new shares can be traded freely on the ASX without further disclosure.
The company confirmed it remains in full compliance with its financial reporting and continuous disclosure obligations, stating there is no "excluded information" that would otherwise require market notification.
At the time of reporting, Santana Minerals' share price was $0.89.