Predictive Discovery Ltd (ASX:PDI) has raised more than $600,000 in a placement that has been well supported by a number of the company's large shareholders.
Binding subscription agreements have been received which will result in Predictive raising $612,490.
The placement will result in the issue of almost up to 122.5 million ordinary fully paid shares at a price of 0.5 cents per share and this represents the company’s entire 25% available allocation under Listing Rules 7.1 and 7.1A.
Predictive managing director Paul Roberts said: “This placement, in tandem with the recently announced Koundian transaction, allows us to focus more on our highly prospective exploration ground in Guinea (West Africa), where we have 100% exposure to all projects.
“While we retain the benefit of our joint ventures in Cote D’Ivoire and Burkina Faso, providing access to multiple opportunities for gold discovery, our strategy and spending will be increasingly directed towards gold discovery in Guinea - given stronger investor support for our 100%-owned projects, the far greater leverage they provide to shareholders and the promising early exploration results that we have been demonstrating.”
Koundian exploration
Funds raised through this placement will be applied to evaluation of Predictive’s exploration properties in Guinea with a focus on the new Koundian project.
Koundian lies within the Kinieran-Mandiana goldfield and covers a highly prospective area with multiple gold mineralised sites and strong gold values suggesting a very favourable geological setting.
Guinea tenement locations on geological map background, highlighting Koundian property package
Roberts said it was an exciting time for Predictive and the company’s rapidly evolving portfolio in Guinea.
He said: “We are actively drilling in Guinea and awaiting drill results from our Kaninko and Kankan permits.
“At Kaninko, we have already seen strong evidence of two large gold mineralised zones at North-East Bankan and Bankan Creek, on which aircore/RC drilling is now nearly finished.
“At Kankan we have large gold-in-soil anomalies to be drilled next.
“We are also very excited by the opportunity to start work on the highly prospective and clearly very well mineralised Koundian project.
“We are also looking forward to receiving diamond drill assays from Resolute Mining’s drill program on the Ouarigue South gold discovery in Cote D’Ivoire.”
Initial components of Predictive’s planned work program at Koundian will begin this month.