Predictive Discovery (ASX: PDI) has raised up to $2,570,077 through a one for eight rights issue for exploration activities at its Bonsiega Project in Burkina Faso.
A total of 13,892,313 shares were offered with 7,855,317 valid applications received, representing a 6,036,996 shortfall.
Even though there was a shortfall in the rights issue, it was fully underwritten by Shaw Corporate Finance.
Predictive's exploration activities in Burkina Faso have so far yielded highly encouraging results in the 2011 drilling programs.
Highlights include:
- 46 metres at 1.7 grams per tonne (g/t) gold from 22 metres, including 26 metres at 2.7g/t gold;
- 46 metres at 1.4g/t gold from 16 metres, including 8 metres at 4.0g/t gold; and
- 14 metres at 3.7g/t gold from 66 metres.
Predictive is now well funded and will kick-off new exploration at the project in November after the wet-season, which will comprise an extensive 18,000 metres of reverse circulation and 3,000 metres of diamond drilling.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19865/predictive-discovery-raises-a26m-for-gold-exploration-in-burkina-faso-19865.html
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