Saturn Metals (ASX:STN) received firm commitments to raise AU$23 million via a share placement, according to a Monday filing with the Australian bourse.
The placement comprises the issue of 77.2 million new shares on or around April 7 under tranche one, and nearly 30 million new shares under tranche two. The offer price is AU$0.26 per share, a 17% discount to the last closing price of the company's shares.
The company will also conduct a share purchase plan to raise up to AU$2 million at the same price as the placement.
Dundee Corporation will invest AU$6 million, raising their holding in Saturn Metals to 19.99%. Lion Selection Group (ASX:LSX) pledged AU$4 million, bringing its stake in the company to 17.5% once the placement is completed, and 17.1% if the share purchase plan reaches full subscription, per the filing.
Petra Capital and Canaccord Genuity acted as joint lead managers and joint book runners to the placement.
Funds will be used to advance the Apollo Hill gold project in Western Australia.
The mineral explorer's shares fell 4% in recent trade.
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