Predictive Discovery MD and non-executive chair participate in entitlement offer
Thursday, 18 June 2020 ()
Predictive Discovery Ltd (ASX:PDI) managing director Paul Roberts and non-executive chairman Phillip Jackson have acquired shares in the company through participation in an oversubscribed entitlement offer. Roberts acquired 328,730 shares at 5 cents each on June 16 in an indirect interest, increasing the total of securities held in that interest to more than 5.259 million. On the same day, Jackson acquired 33,325 shares at the same price and in an indirect interest, increasing the total number of securities in that interest to 533,334 shares. Entitlement offer strongly supported There were more than 55.766 million applications received valued at $2,788,304 and this included more than 13.363 million oversubscriptions received valued at $668,170. The directors are delighted with the support from shareholders which demonstrates strong support for the company's West African gold strategy. Oversubscriptions will be determined according to the allocation policy detailed at paragraph 1.2 of the prospectus on May 11. The non-renounceable pro-rata offer to eligible shareholders comprised one new share for every 15 shares held on the record date at an issue price of 5 cents each to raise up to $2.12 million. This was in addition to a recent conditional placement to raise up to $6.9 million from institutional and sophisticated investors at 5 cents per share. Funds to support exploration Funds from the capital raising will be used to undertake a large exploration program at the Kaninko Gold Project in Guinea over the next 12 months. Predictive’s overall objective is to achieve a maiden resource estimate on the Kaninko project by mid-2021.