- Predictive Discovery (PDI) receives firm commitments from institutional, sophisticated and professional investors to raise $55 million
- A total of roughly 305 million shares will be issued in two tranches at a price of 18 cents each, representing a 10 per cent discount to the last traded share price
- Proceeds will fund a 60,000-metre diamond and reverse cycle drilling program at the company’s flagship Bankan gold project, which is currently underway
- Following the success of the placement, Predictive has invited all eligible shareholders to participate in a share purchase plan to raise another $5 million
- PDI shares are down 3.75 per cent, trading at 19.3 cents as of 12:15 pm AEST
Predictive Discovery (PDI) has received firm commitments from institutional, sophisticated and professional investors to raise $55 million.
A total of roughly 305 million shares will be issued in two tranches at a price of 18 cents each, representing a 10 per cent discount to the last traded share price.
The first tranche of the placement is expected to complete on June 6. Shares to be issued under the second tranche, however, remain subject to shareholder approval at meeting scheduled for early July.
Proceeds from the placement will be used towards full funding of a 60,000-metre diamond and reverse cycle drilling program at the company’s flagship Bankan gold project, which is currently underway.
The program is expected to significantly increase and upgrade the inferred 3.65-million-ounce Bankan gold resource, in addition to the 65,000 metres of drilling completed to date.
Managing Director Andrew Pardey said the significant demand from investors underpins the quality of the Bankan project.
“Bankan is potentially one of many significant gold deposits and marks the beginning of our journey in developing Guinea’s Siguiri basin into one of the most exciting new gold addresses in West Africa,” Mr Pardey said.
Predictive has planned to deliver a comprehensive scoping study to the Guinea government by the end of 2023, which could potentially make Bankan the country’s largest gold mine.
Following the success of the placement, Predictive has invited all eligible shareholders to participate in a share purchase plan (SPP) to raise a further $5 million.
Each eligible shareholder can apply for up to $30,000 worth of new shares, also at a price of 18 cents each.
PDI shares were down 3.75 per cent, trading at 19.3 cents as of 12:15 pm AEST.