Key Highlights:

• $4,080,000 capital raising completed
• Finalisation of the acquisition of Mekong Mineral’s assets

9 December 2019. Santana Minerals Limited (Company or Santana) is pleased to announce that it has completed the acquisition of Mekong Minerals Limited’s (Mekong) 75% interest in the Sayabouly Project in Lao and 85% interest in two Cambodian gold projects in which Mekong holds farmed out interests. The Company issued 648,721,076 fully paid ordinary shares (Consideration Shares) and reimbursed $210,000 of exploration costs to Mekong at completion. The Consideration Shares are subject to 12 months escrow.

The Company is also pleased to confirm that it has completed the placement of 1,360 million fully paid ordinary shares at $0.003 per share to raise $4.08 million (Placement Shares). The placement consisted of 1,333,333,333 Placement Shares pursuant to the approval received from shareholders at a general meeting held on 15 November 2019 and a further 26,666,677 Placement Shares under the Company’s existing placement capacity as provided for by ASX Listing Rule 7.1.

The Company also confirms the appointment of Mr Shane Pike to the role of CEO of Santana. Mr Pike brings 20 years technical and management experience in the resources sector. His experience spans a wide range of exploration, mine development and mine geology roles and more recently he has overseen Mekong’s exploration assets (for the past year) and immediately prior to that was Exploration Manager (East Coast) for Evolution Mining.

Santana’s Managing Director, Mr Tony McDonald’s role with the Company will change, and Mr McDonald now serves as a Non-Executive Director. Mr Anthony McClure has been appointed as a Non-Executive Director and Mr Robert Bell has elected to resign as a director of the Company, both effective at completion of the transaction.

Commenting on the successful completion of the $4M capital raising and the acquisition of the Mekong assets, Mr Pike stated:

“We are extremely pleased and grateful to have secured such strong support from both new and existing shareholders who share our enthusiasm for the enormous promise of the Sayabouly Project in Laos. With highly encouraging trenching results and recent petrology test work confirming the existence of near-surface nickel sulphide mineralisation we look forward with great excitement to executing a maiden drill campaign at the Phu Lon Nickel Prospect commencing mid- January 2020.”

For the purpose of section 708A(5) of the Corporations Act 2001 (Cth) (Act), the Company confirms that:

1.      The Consideration Shares and the Placement Shares were issued without disclosure to investors under Part 6D.2 of the Act.

• This notice is being given under paragraph 708A(5)(e) of the Act.
• As at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company and section 674 of the Act.
• Except as set out in this notice, as at the date of this notice there is no information:
  • that has been excluded from a continuous disclosure notice given to ASX in accordance with the ASX Listing Rules; and
  • that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
    • the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or
    • the rights and liabilities attaching to fully paid ordinary shares.

An Appendix 3B in respect of the Consideration Shares and Placement Shares is attached to this announcement.

This announcement has been authorised for release to the ASX by the CEO on behalf of the Board.

For further information, please contact:

Shane Pike
Chief Executive Officer
+61 417 671 301 or
[email protected]                                                                 

Cameron Peacock
Investor Relations & Business Development
+61 439 908 732
[email protected]

About Santana

Santana is a nickel and precious metals explorer, focusing on the Sayabouly Project in Laos which contains the Phu Lon Nickel Prospect.

Santana’s precious metals projects include an 85% interest in the Cambodian Gold Projects (in joint-venture with Emerald Resources), a right to earn-in to an 80% interest in the Cuitaboca Silver-Gold project in Sinaloa State and an 85% interest in the Becker Gold project, Chile.

Additional information about Santana and its projects is available on the website: www.santanaminerals.com

Original Article: http://santanaminerals.com/wp-content/uploads/2019/12/191209_SMI-Announcement-Capital-Raising-and-completion-of-acquisition.pdf