Predictive Discovery Ltd has received a considerable financial boost on the path to production from the flagship Bankan Gold Project in Guinea on completing an A$69.2 million strategic private placement.
This strong show of confidence in the company and its gold strategy in the placement at A$0.265 per share comes from the Lundin Family and Zijin Mining Group Co. Ltd. It gives the company a healthy pro-forma cash balance of $98 million.
The Lundin Family is investing about A$45.1 million to acquire a 6.5% shareholding in Predictive and Zijin Mining Group Co., Ltd. is investing A$24.1 million for a 3.5% holding.
Testament to quality
“We are delighted to welcome the Lundin family and Zijin as strategic shareholders in Predictive Discovery,” Predictive managing director Andrew Pardey said.
“Their investment is testament to the quality of the Bankan Gold Project and the progress PDI is making towards developing it into a tier-1 gold mine."
Proceeds will be used to advance a definitive feasibility study for the Bankan Project Guinea, progress environmental and social programs, continue regional exploration programs and early development activities.
“This capital raise provides a strong financial platform for PDI to accelerate the Bankan Gold Project.
“PDI will be fully funded through to a development decision and will also be able to conduct selected early works and continue our regional exploration programs.”