29 August 2016: Santana Minerals Limited (Santana) is pleased to announce that it has received commitments from sophisticated and professional investors to issue 33,950,000 fully paid ordinary shares (New Shares) at a price of $0.06 each to raise $2,037,000.
The New Shares will be issued under Santana’s existing capacity to issue securities as provided for by ASX Listing Rule 7.1.
The placement to sophisticated and professional investors was undertaken through Far East Capital Limited. Subject to obtaining relevant shareholder approvals, Far East Capital have agreed to a fee represented by 1,800,000 fully paid ordinary shares and 2,000,000 unlisted broker options exercisable at $0.06 any time up to 31 March 2017.
Settlement and issue of the New Shares is expected to occur on 1 September 2016.
Funds will be used to undertake further exploration work, including planned drilling, at the Cuitaboca Project in Sinaloa, Mexico which is anticipated to commence in October of this year.
About Santana
Santana is a precious metals explorer focused on Mexico where it owns 100% of the Namiquipa (silver/lead/zinc) project in Chihuahua and is earning into ownership of the Cuitaboca Ag-Au polymetalic project in Sinaloa.
Additional information about Santana and its projects is available on the website: www.santanaminerals.com
Original Article: http://santanaminerals.com/wp-content/uploads/2016/08/160829_Placement-Accouncement.pdf
