Predictive Discovery (PDI.AX) has raised A$26.5M from institutional investors by issuing just over 330 million new shares at an issue price of A$0.08. The shares will be issued in two tranches with a first tranche of just under 250 million shares already completed while a second batch of 81.6M shares will be completed after shareholder approval at the AGM in June.
The funds will be used to bankroll Predictive Discovery’s extremely aggressive drill program in Guinea as the company plans to complete 110,000 meters of drilling across its Guinea land holdings. The company has outlined nine high priority targets crosscutting a 35 kilometer long structural corridor at the Bankan project, where the company is getting ready to publish a resource estimate. Meanwhile, the other projects in Guinea are also quite interesting as recent drill results from the Koundian gold project (about 115 kilometers away from the flagship Bankan project) returned 6 meters of 32 g/t gold starting just 4 meters down hole, with more high-grade 6 meter intervals with for instance 9.8 g/t gold and 1.3 g/t gold. The Koundian drill program is just an auger drill program so predictive will have to follow up on these results with RC and/or diamond drill rigs after establishing high priority drill targets.
Disclosure: The author has no position in Predictive Discovery. Please read our disclaimer.
