West African gold explorer Predictive Discovery (ASX: PDI) has closed an oversubscribed placement to raise $3.27 million at $0.038 per share.
Commitments were received for 86.2 million fully paid ordinary shares from sophisticated and professional investors.
Funds raised from the placement will primarily be used to continue the Company’s exploration programs in Burkina Faso in West Africa.
Predictive aims to grow its gold mineralisation from its projects.
PDI’s tenement holding covers approximately 100 km 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.
PDI's Bangaba permit covers 10km of strike of the nearby Sebba Belt, including the largest known artisanal workings in the area.
Encouraging drill results from the Bonsiega and Bangaba permits has led PDI to consider its entire Eastern Burkina Faso ground holdings effectively as one project.
Based on the encouraging results, the company’s goal is to identify sufficent resources to support a major central gold treatment plant, the first in the area, drawing ore from multiple deposits.
High grades have been obtained from the Bangaba permit, 60km to the north, which suggests that ore from there might be transported to a treatment plant on the Laterite Hill Gold Field.
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