Predictive Discovery Ltd (ASX:PDI) has received binding commitments to raise up to $1.75 million through a placement of shares at a price of 1 cent per share.
The company will also undertake a share purchase plan to raise up to $500,000 on the same terms as the placement.
Cornerstone commitment by Capital DI
The placement was backed by a $250,000 cornerstone commitment by Capital DI and was also supported by a number of other large shareholders, as well as a number of new professional and sophisticated investors.
Upon close of the placement it is expected that Capital DI’s shareholding will increase to 14.08%.
Drilling activity kicking off next month in Cote D’Ivoire
Predictive managing director Paul Roberts said: “The company is delighted with the strong interest shown in this capital raising.
“We are very happy to again enjoy Capital DI’s strong support of Predictive’s West African exploration through this placement.
“We also thank existing shareholders who have supported the offer, as well as a number of new shareholders that we welcome to our register.
“The company is now well placed to continue work over its highly prospective landholdings in Guinea and Cote D’Ivoire, which will include drilling activity kicking off next month in Cote D’Ivoire at our exciting Ouarigue North gold discovery on the Ferkessedougou North Project.
“We look forward to further positive news flow in the months ahead as we prepare for an initial drilling campaign at our 100%-owned Projects in Guinea within the exciting Siguiri Basin which hosts Anglogold’s large Siguiri Mine (+10Moz), and advance drilling on our Cote D’Ivoire Joint Venture with Resolute Limited.”
100%-owned tenement locations and gold deposits in the Siguiri Basin on geological map
Funds raised will be used to advance Predictive’s 100%-owned Guinea portfolio and maintain its interests in and contribute to the Cote D’Ivoire Joint Venture with Resolute Mining Ltd (ASX:RSG).
In Guinea, the company’s early-stage exploration has already returned very promising results including multiple wide zones of anomalous gold mineralisation.
Predictive is currently in-country working up targets with a drilling program expected in Q1 2020.
In Cote D’Ivoire the focus will principally be on drilling and sampling programs on the exciting Ferkessedougou North and Boundiali Projects, with the next round of drilling expected to commence this quarter.