Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Predictive Discovery raises A$26.5 million to fuel 110,000-metre drilling program at Bankan Gold Project

% of readers think this story is Fact. Add your two cents.

Predictive Discovery Ltd (ASX:PDI) has received commitments of A$26.5 million in a placement to institutional, sophisticated and professional investors to help drive growth in resources at the Bankan Gold Project.

The placement was narrowly focused on several tier-1 North American funds with a track record of strong success investing in emerging West African gold companies as well as targeting highly accomplished ultra-high net worth resource investors.

The placement price of A$0.08 represents an 8.38% discount to the 5-day VWAP prior to the placement.

Euroz Hartleys Limited and Sprott Capital Partners LP were joint lead managers and bookrunners to the placement.

“Very long runway of growth”

PDI managing director Paul Roberts said: “We have received overwhelming support for this placement.

“The strong participation by tier-1 international and domestic institutional investors, many of which have a strong track record of investing in the West African sector, reinforces our conviction that we have found a truly remarkable project at Bankan – one with a very long runway of growth ahead of it.

“The placement will enable us to commence by far the largest program that we have undertaken to date to deliver key project milestones at NE Bankan and Bankan Creek as well as test the numerous potentially high impact exploration targets in the broader Bankan project, beginning with Argo where we already have high grades in the auger over good intercepts.”

Drilling program planned

Placement proceeds will be applied to around 110,000 metres of drilling planned over the next 12 months at the project and will also be used to deliver metallurgical test-work, the commencement of technical studies and baseline studies required for project development including social and environmental studies, and for general working capital.

The company plans to begin with testing nine high order near-regional targets on interpreted ENE-WSW faults, crosscutting a newly recognised major 35 kilometre-long NNW structural corridor with the potential to host numerous ‘NE Bankan-style’ discoveries.

These potentially high-impact targets may now be immediately followed-up, commencing with the company’s recent regional exploration success only 17 kilometres north of NE Bankan, at Argo where numerous high-value targets are already yielding widespread high-grade gold – including 12 metres at 9.8 g/t and 16 metres at 2 g/t.

Two tranche placement

The placement will be issued in two tranches:

  • The first tranche of 249,669,873 shares (around A$19.97 million) is not subject to shareholder approval and will fall within the company’s placement capacity under ASX Listing Rules 7.1 (148,190,533 shares) and 7.1A (101,479,340 shares) and is scheduled to complete on Tuesday, May 25, 2021;
  • The second tranche, consisting of 81,580,127 shares (around A$6.53 million), will be issued subject to shareholder approval at a meeting of shareholders scheduled to take place in late June 2021.

In addition, directors of the company have committed to subscribe to A$45,000 in Tranche 2 of the placement subject to receipt of shareholder approval.

Looking forward

Roberts said: “Consistent with our focus on advancing Bankan and commitment to our 100%-owned portfolio in Guinea, the company is also progressing its divestment strategy for non-core assets, with opportunities for its Burkina Faso and Cote D’Ivoire licences being progressed to minimise ongoing costs on those projects, whilst maintaining some exposure for shareholders.

“We welcome new investors to the company as part of the placement and, once again, acknowledge the strong support received from many of our existing shareholders.”

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.