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Predictive Discovery buoyed by support for entitlement offer with considerable oversubscriptions

Last updated: 10:26 12 Jun 2020 AEST, First published: 10:01 12 Jun 2020 AEST

Predictive Discovery Ltd - Predictive Discovery receives more than 13.363 million oversubscriptions in strongly supported entitlement offer
The directors are delighted with the strong show of support from shareholders

Predictive Discovery Ltd (ASX:PDI) has received more than 13.363 million oversubscriptions as a result of its entitlement issue which closed on June 9, demonstrating strong support for the company's West African gold strategy.

The directors are delighted with the support from shareholders and the oversubscriptions will be determined according to the allocation policy detailed at paragraph 1.2 of the prospectus on May 11.

It is anticipated that the date for the allotment of shares under the entitlement issue will be Tuesday, June 16.

Results of the entitlement issue.

The non-renounceable pro-rata offer to eligible shareholders comprised one new share for every 15 shares held on the record date at an issue price of 5 cents each to raise up to $2.12 million.

This was in addition to the conditional placement to raise up to $6.9 million from institutional and sophisticated investors at 5 cents per share.

Funds to support exploration

Funding from the capital raising will be used to undertake a large exploration program at the Kaninko Gold Project in Guinea over the next 12 months.

Predictive’s overall objective is to achieve a maiden resource estimate on the Kaninko project by mid-2021.

Funds raised will contribute towards as drilling program focused on the recent discovery at the North-East Bankan gold deposit with additional drilling on nearby prospects.

This will map out the full extent of North-East Bankan’s surface footprint, explore the full width of the gold mineralised system and drill it at depth, and will consist of at least:

  • 25,000 metres of reverse circulation drilling;
  • 5,000 metres of diamond drilling; and
  • 20,000 metres of power auger drilling. 

The funds will also assist the company with:

  • Targeting a maiden resource estimate at the North-East Bankan gold deposit by mid-2021;
  • A metallurgical test-work program on the Kaninko project;
  • Ongoing early-stage exploration on the company’s other 100%-owned Guinea exploration portfolio; and
  • Working capital, including costs of the entitlement offer.

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on 12/4/23