Predictive Discovery raises A$55 million for its Bankan gold project in Guinea
(Kitco News) - Predictive Discovery (ASX:PDI) announced today that the company has received firm commitments for the placement to raise A$55 million (before costs) from institutional, sophisticated and professional investors for its 3.65Moz Bankan gold project in Guinea, West Africa.
The company said that the placement was well supported, with significant levels of participation from new domestic and international institutional investors, as well as from existing shareholders.
According to the company’s statement, the funds raised will allow Predictive to accelerate its comprehensive drilling programme and build further on the 3.65Moz already discovered, as well as deliver a scoping study which will include its baseline and environmental study results in late 2023.
Commenting on the placement, Managing Director Andrew Pardey said, "The significant demand from investors to take part in the placement underpins the quality of the Bankan project. Bankan is potentially one of many significant gold deposits and marks the beginning of our journey in developing Guinea’s Siguiri basin into one of the most exciting new gold addresses in West Africa.”
The Bankan project, located within Guinea’s Siguiri Basin, is a 3.65Moz greenfields gold discovery and the company’s flagship project. The company is aggressively exploring the broader Bankan permit, targeting new gold discoveries in new high-grade areas, regional targets and Bankan Creek.