Predictive Discovery Ltd (ASX:PDI) has completed its capital raising to support gold activities in West Africa with a total of $1.95 million raised.
A share purchase plan (SPP) closed on November 25 raising $198,500, after applications were received for 19.85 million fully paid ordinary shares.
This brings the total funds raised in the past six weeks, including the $1.75 million placement commitment, to $1.948 million.
Shares subscribed for under the SPP will be issued today with the tranche-2 placement shares being issued following settlement on December 4.
Funds to enable drilling
Managing director Paul Roberts said: “With the completion of the SPP and approval of the second tranche of the recent placement, Predictive has now raised a total of $1.948 million (before costs).
“These funds will enable us to drill the promising gold targets we are developing across our 100%-owned portfolio in Guinea, and support our equity contributions to the Resolute Joint Venture in Cote D’Ivoire, which returned very encouraging drill results in the June and September quarters.
“We are grateful for the support of shareholders who subscribed under the SPP”.
SPP details
The company will issue one option for every two shares subscribed for in the SPP with an exercise price of 1.8 cents per option and an expiry date which is three years from the date of issue.
The number of options to be issued pursuant to the SPP will be 9.925 million.
The company intends to seek quotation of the options having exceeded the 50 subscriber threshold.
A prospectus and application form for the options will be despatched on or around December 9 to shareholders who subscribed for shares under the placement and the SPP.