AI assistant
PREDICTIVE DISCOVERY LIMITED — Capital/Financing Update 2012
Oct 29, 2012
65537_rns_2012-10-29_9e772eab-dae2-401c-8e49-d80e527e0584.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
30 October 2012
ASX Announcement
ABN 11 127 171 877 Level 2, 9 Colin Street WEST PERTH WA 6005 PO Box 1710 West Perth WA 6872 p (08) 9216 1000 f (08) 9481 7939 w www.predictivediscovery.com
PLACEMENT TO RAISE $3.277M OVERSUBSCRIBED
-
Strong support from major institutional shareholders’ and the Board
-
Funds raised for follow up of previous encouraging gold exploration results in Burkina Faso and working capital
-
Targeted drilling program planned to recommence in December focused on multiple, previously identified high grade gold prospects
The Board of Directors of West African-focused gold exploration company, Predictive Discovery Limited ( ASX: PDI ) (“The Company”), is pleased to announce it has received commitments for a Placement of 86.2m fully paid ordinary shares at an issue price of $0.038 per share to raise approximately $3.277million. The Placement was oversubscribed.
The placement will be to sophisticated and professional investors within the meaning of section 708 of the Corporations Act. Shaw Corporate Finance Pty Limited acted as Lead Manager to the issue.
The Company will issue 19,998,037 shares under its 15% share placement capacity and the balance subject to shareholder approval at a general meeting of the Company to be held in early December 2012. The Company will hold its Annual General Meeting on 26 November 2012.
Funds raised from the placement will primarily be used to continue the Company’s exploration programs and for working capital.
The placement was strongly supported by the Company’s major institutional shareholders, the Board and clients of Shaw Stockbroking Limited.
Following completion of the Placement, the Company will be well funded to continue its exploration programs.
With a strong in-country technical team and highly prospective asset portfolio, the Board remains confident that the Company can continue to grow the established areas of gold mineralisation and enhance the potential to build a substantial gold resource base in Burkina Faso.
About Predictive Discovery:
Predictive Discovery Limited (PDI) was established in late 2007 to explore for gold and uranium. The Company is focused principally on exploration for gold in West Africa with two additional projects for uranium and gold in Australia. PDI has a distinctive technological capability, known as Predictore [TM] , which is designed to increase drill targeting efficiency thereby reducing ore discovery cost. The Company’s major focus is in Burkina Faso, West Africa where it is exploring for large open-pittable gold ore deposits.
For further details please contact: Paul Roberts Ian Hobson Managing Director Company Secretary Tel: +61 8 9216 1020 Tel: +61 8 9216 1000 Email: [email protected] Email: [email protected]