Predictive Discovery Ltd (“Predictive” or the “Company”) (ASX:PDI) has announced it has received binding commitments for a conditional placement to raise up to $6.9 million. Funds will be used to carry out exploration at the company's North-East Bankan gold discovery within the Kaninko Gold Project, Guinea.
What are the key highlights?
Use of funds will include:
- 25,000 metres of RC drilling, 5,000 metres of diamond drilling; and 20,000 metres of auger drilling,
- Targeting a maiden Resource estimate at NE Bankan 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,
- Joint Venture contributions to its projects in Cote D’Ivoire; and
- Working capital, including costs of the Capital Raising.
In addition to the capital raise, the Company will provide shareholders with a non-renounceable entitlement offer to raise up to a further $2.1 million, for a total of up to $9 million.
Please see the announcement below for further details.