Pricing is at 62.5c with Santana not disclosing who the investors are.

Bell Potter is the broker involved.

Santana, chaired by Australian resource sector identity Norm Seckold, started the recently completed June quarter with $4.4 million.

Earlier this month Santana reported resources of 46.7 million tonnes grading 1.4 grams per tonne for 2.09 million ounces using an 0.25gpt cut-off.

The company pointed out at the time that that the RAS deposit had 10.6Mt at 3.6gpt for 1.2Moz using a 1.5gpt cut-off.

It has also previously pointed to good metallurgical test results and processing options that include heap leach, gravity and CIP/CIL.

Prefeasibility work is targeted to begin this year.

Santana believes Bendigo-Ophir is "capable of Macraes type growth where a single 1Moz resource became 10Moz in multiple deposits (5Moz production and 5Moz resources)".

Shares in Santana  were down 1% to 70.5c in early trade, capitalising the company at $93.5 million.

The stock was trading at levels around 90c in May.