Both new international institutional investors, and most of the existing shareholders, Board and senior management participated in the investment round
Predictive Discovery secures $7.48m investment. (Credit: Capri23auto from Pixabay.)
Predictive Discovery Limited (ASX: PDI, “Predictive” or “Company”) is pleased to announce that it has received firm commitments from sophisticated and institutional investors for a placement to raise gross proceeds of A$10.6 million (Placement).
There was strong demand for the Placement Shares from both offshore and domestic institutions, successfully introducing a number of well-regarded global funds to the share register.
Proceeds of the Placement will be used to accelerate development of the Bankan Gold Project, including the second phase of drilling where the Company is targeting a maiden Mineral Resource Estimate to be delivered by mid-2021. The Bankan-2 drill program has commenced this week, and the Company expects to provide a regular flow of drill results over the next several months from this program.
Commenting on the placement, Managing Director Paul Roberts:
“The strong demand from international and Australian institutions reflects the quality of the Bankan Gold Project. The placement will enable us to significantly advance both the NE Bankan and Bankan Creek prospects and demonstrates clear support for our strategic plan to unlock the full value of this asset which continues to demonstrate exceptional scale potential given the broad widths and good grades, and excellent scope for further growth.
We are especially pleased with the strength of investment interest from North America which was facilitated
by Sprott Capital Partners’ key role in widening the international recognition of the Bankan Project’s potential.
We welcome new institutions and shareholders to the Company as part of the Placement, and acknowledge the strong support received from existing shareholders.”
Euroz Hartleys Limited and Sprott Capital Partners LP were Joint Lead Managers and Bookrunners to the Placement.
Source: Company Press Release