The company will issue 16.6 million shares at 48 per share, a 14.3% discount to the last closing price.

The placement was supported by new and existing overseas and Australian institutional investors, including largest shareholder Dundee Corporation.

Petra Capital and Sprott Capital Partners acted as joint lead managers and joint bookrunners.

The company had $5.8 million cash at September 30.

The proceeds of the placement will be used to advance the Apollo Hill gold project, near Leonora in Western Australia.

The project has a current resource of 35.9 million tonnes at 0.8 grams per tonne gold for 944,000 ounces of gold, with a resource update due in the March 2022 quarter incorporating 2021 drilling.

A drilling program is underway to follow up results including 7m at 11.18gpt gold from 172m, including 3m at 25.67gpt.

A 50,000m drilling and metallurgical testwork program is planned to support project evaluation work.

Saturn will also conduct camp and regional-scale exploration at Apollo Hill and at the West Wyalong gold joint venture in New South Wales.

Saturn managing director Ian Bamborough said the company was delighted with the level of support shown in the raising.

"This puts the company in an excellent position to continue to expand the boundaries of our Apollo Hill gold system," he said.

"Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary.

"Higher grades within a lengthening mineralised corridor show the potential for next level discovery and a much bigger opportunity.

"In addition, this raising enables the company to fund other exciting activities in our exploration portfolio and step up our production orientated studies."

Saturn shares were unchanged at 56c this morning, valuing the company at $63.3 million.