PERTH (miningweekly.com) – ASX-listed Predictive Discovery has announced an 8-for-21 renounceable rights issue aimed at raising some A$2.6-million.
The rights issue will be undertaken at a price of 4.2c a share, which represented a discount of 34% to Predictive’s 30-day volume weighted average share price.
One free listed option would be attached to every new share subscribed for, with an exercise price of 6c each and expiring at the end of November 2019.
The company told shareholders on Thursday that funds would be used to advance an exploration strategy in West Africa, as well as to supply working capital.
“Predictive’s objective is to make multiple large gold discoveries in the highly prospective West African Birimian greenstone belts. Over the last two years, we have transformed the company from a conventional gold explorer with a single, major project focus to a project generator,” said chairperson Phillip Jackson.
“Therefore, we are now operating with a business model which maximizes the likelihood of making profitable gold discoveries by maintaining a large portfolio of highly prospective ground while minimising overall exploration costs through joint venturing our more advanced projects with well funded, mine development-focused partners.”
Predictive has some 7 000 km2 of ground position in Cote d’Ivoire and Burkina Faso, which contain numerous gold intercepts and emerging new discoveries. The company has six applications for new greenfield gold exploration permits in place in Cote d’Ivoire and is also readying to apply for new permits in Burkina Faso.