ASX-listed Santana Minerals hits over 5-mths low on discounted share placement

Santana Minerals

05/05/2023 06:40

** Shares of Australia-based Santana Minerals Ltd  SMI.AX 
fall as much as 9.2% to A$0.640, hitting lowest since Nov. 29,
2022    
    ** Stock set to mark worst day since April 21, if current
losses hold   
    ** Precious metal explorer says co has received commitments
for a shares placement at an issue price of A$0.625 per share to
raise A$15.5 mln ($10.44 mln)
    ** Issue price is a discount OF ABOUT 16.1% to the last
close of co 
    ** Says funds raised from the placement will be applied to
exploration and infill drilling, among others at the
Bendigo-Ophir Gold Project in New Zealand 
    ** SMI has risen 7.6% this year, as of last close


($1 = 1.4843 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))