Predictive Discovery Limited (ASX:PDI) Raises A$69M in Strategic Placement
Strategic Placement Details
Predictive Discovery Limited raised approximately A$69.2 million through a strategic private placement to the Lundin Family and Zijin Mining at an issue price of A$0.265 per share. The Lundin Family will invest approximately A$45.1 million for a 6.5% stake, while Zijin Mining will invest approximately A$24.1 million for a 3.5% stake. The placement will result in a pro-forma cash balance of A$98.0 million before costs.
Use of Proceeds
The company will utilise the funds to advance the Bankan Gold Project’s Definitive Feasibility Study, progress environmental and social programs, continue regional exploration, and conduct early development activities.
Executive Comments
PDI’s Managing Director, Andrew Pardey, said: “We are delighted to welcome the Lundin Family and Zijin as strategic shareholders in Predictive Discovery. Their investment is testament to the quality of the Bankan Gold Project and the progress PDI is making towards developing it into a tier-1 gold mine. We look forward to working collaboratively with the Lundin Family and Zijin, together with our other shareholders and stakeholders.”
“This capital raise provides a strong financial platform for PDI to accelerate the Bankan Gold Project. PDI will be fully funded through to a development decision and will also be able to conduct selected early works and continue our regional exploration programs.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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