Santana Minerals completes oversubscribed share purchase plan, raising A$3m

Santana Minerals Limited announced the completion of its Share Purchase Plan (SPP) on September 8, 2025. The SPP, which closed on September 3, 2025, received applications totaling approximately A$18 million, significantly exceeding the targeted A$3 million. As a result, applications were scaled back proportionally. This follows a successful A$60 million placement of new fully paid ordinary shares to sophisticated investors at A$0.58 per share, announced on August 11, 2025.

A total of 5,172,510 new ordinary fully paid shares will be quoted on the ASX and NZX, with an issue date of September 9, 2025, at an issue price of A$0.58 per share. These new shares increase the total quoted securities to 831,339,461. The funds from both the SPP and placement, combined with existing cash, will support the advancement of the Bendigo Ophir Gold Project in New Zealand towards commercial development.

Santana chief executive Damian Spring highlighted the strong investor support, noting the SPP's initial pricing at only 1.6% to the 10-day VWAP at the time. The company's unquoted securities include performance rights and various options with expiry dates ranging from December 2026 to October 2026.