Predictive Discovery Ltd - Transformational Capital Raising To Rapidly Advance Kaninko Gold Discovery

What happened?

What's happened?

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.

Managing Director's summary

Paul Roberts Managing Director of Predictive Discovery Ltd has provided a statement.

Paul Roberts

Managing Director, Predictive Discovery Ltd

"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. 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. We are grateful to our long-standing shareholders who have supported the Company to date, and again in this capital raising. We are also pleased to welcome several domestic and international institutional investors to the register.”