Predictive Discovery (ASX: PDI) has raised new funds of up to A$600,969 to advance gold exploration in Burkina Faso with the completion of a non-renounceable rights issue.
The company received valid acceptances for 7.5 million new shares under the one for five offer at $0.08 per share.
The total shortfall under the rights issue was around 17.6 million shares. Predictive is assessing a number of opportunities to place the balance of the shortfall.
The funding will be used to continue exploration in Burkina Faso as the company works to grow the established areas of gold mineralisation and potential Resource base in the country.
Demonstrating the continued success Predictive is having in Burkina Faso, earlier this month it discovered gold in a reverse circulation hole drilled beneath artisanal workings at Bongou.
The hole intersected 52 metres at 2.1 grams per tonne (g/t) gold, including 28 metres at 3.6g/t gold and 2 metres at 24g/t gold.
The prospect, which is hosted within the Bonsiega Project, is strategically located just 8 kilometres from the main Laterite Hill Gold Field, a short trucking distance to any possible future mill providing tantalising options and cash flow opportunities for Predictive.
The Bonsiega Project covers about 100 kilometres of strike length in the Samira Hill greenstone belt in eastern Burkina Faso.
This belt hosts the 2.5 million ounce Samira Hill gold mine across the border in Niger and contains numerous active artisanal gold mine sites along its length.
The Laterite Hill Gold Field covers 20 kilometres of gold mineralised structures within the Birrimian Joint Venture with ElDore Mining Corporation (now Stratos Resources Limited – ASX: SAT).
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