Total
0
Shares
Predictive Discovery (ASX:PDI) - Managing Director, Paul Roberts
Managing Director, Paul Roberts
Source: HotCopper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold explorer Predictive Discovery (PDI) has successfully completed an entitlement offer, raising almost $700,000 more than the $2.12 million goal
  • While there was a shortfall of approximately $565,000, shareholders were able to subscribe for extra shares up to double their original entitlement
  • Additional applications totalling $1,232,755 were received, meaning the offer raised $2,788,304 — a substantial increase over the target figure
  • The company’s main aim is to generate a maiden resource estimate for the Kaninko project by mid-2021
  • With the successful capital raising locked away, PDI is well set to progress work at its flagship project, and across its portfolio of promising prospects
  • Predictive Discovery is trading grey at 7.7 cents per share

Gold explorer Predictive Discovery (PDI) has successfully completed an entitlement offer, raising almost $700,000 more than the $2.12 million goal.

Offer (mostly) accepted

Shares were priced at five cents each in the non-renounceable pro-rata one for 15 entitlement offer.

While there was a shortfall of approximately $565,000, eligible shareholders were able to subscribe for extra shares up to double their original entitlement.

Additional applications totalling $1,232,755 were received, meaning the offer raised $2,788,304 — a substantial increase over the target figure.

Those funds, in addition to the $6.9 million raised in a recent placement offer, now give the company a funding runway of over $9.5 million to progress work across the Kaninko project in Guinea.

Kaninko is go

The company’s main aim is to generate a maiden resource estimate for the Kaninko project by mid-2021.

The money raised will contribute to substantial extension drilling to map the North-East Bankan gold deposit’s surface footprint, and to extend the known mineralised zone at depth.

Metallurgical testwork will also be completed, as well as ongoing early exploration work across PDI’s other 100 per cent-owned Guinea projects.

Around two-thirds of the money raised will be spent on Kaninko exploration and evaluation, with the rest to be split between other projects and working capital.

Predictive Discovery Managing Director Paul Roberts says it’s an exciting time for the explorer.

“This fundraising is a transformational step-change for Predictive, setting us up for the largest drilling program in the company’s history, and putting us on a pathway towards a targeted maiden resource estimate on Kaninko by mid-2021,” Paul said.

“Our first round of shallow drilling at NE Bankan has uncovered a new, very wide, shallow gold discovery in the prolific Siguiri Basin, with thick intersections and some excellent grades, starting almost at surface, and open in all directions, all of which points to the potential for Kaninko to evolve into a future large, high-margin gold mining opportunity.”

Managing Director, Paul Roberts

With the successful capital raising locked away, PDI is well set to progress work at its flagship project, and across its portfolio of promising prospects.

Predictive Discovery is trading grey at 7.7 cents per share as at 12:45 pm AEST.

PDI by the numbers
More From The Market Herald
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) embarks on exploration in Eastern Europe

Raiden Resources (RDN) is continuing to progress its exploration strategy across the Western Tethyan portfolio of assets in Eastern Europe.
Dateline Resources (ASX:DTR) - Managing Director, Stephen Baghdadi

" Dateline Resources (ASX:DTR) completes Colosseum acquisition

Dateline Resources (DTR) has completed its acquisition of the Colosseum Gold Mine and associated permits from LAC Minerals.
The Market Herald Video

" Tesoro Resources (ASX:TSO) eyes $7.3m capital raise for El Zorro

Tesoro Resources (TSO) is looking to raise $7.3 million to advance work at its El Zorro gold project in Chile.

" Investigator Resources (ASX:IVR) intersects encouraging gold and silver around Paris

Investigator Resources (IVR) has intersected encouraging gold and silver mineralisation at the Ares, Paris East and Helen East targets in Western Australia.