The funds will be used to accelerate drilling and resource definition at its 100% owned Apollo Hill Gold project near Leonora in Western Australia.
The 10,000-metre program to commence early next month will target the newly discovered high-grade hanging wall zones which recently returned 13 metres at 5.05 g/t gold from 74 metres.
The placement funding together with the $2.8 million in cash at the end of March provide substantial funding to work towards upgrading the 685,000-ounce at 1.0 g/t gold resource.
Saturn’s managing director Ian Bamborough said: “This successful raising has put the company in a stronger position to accelerate drilling on our newly discovered higher-grade hanging wall position.
“At the same time, we can maintain the pace of the resource drilling and regional exploration programs underway at Apollo Hill.
“With a strong balance sheet, an exciting new target to test, results from completed drilling awaited and a solid resource base that should continue to grow, Saturn’s future continues to look prosperous.”