ENP Newswire - 18 July 2014
Release date- 17072014 - Predictive Discovery Limited (ASX: PDI) is pleased to welcome Aurora Minerals Limited (ASX: ARM) as a major shareholder of the Company, taking a 17.2% stake in PDI through an agreement with African Lion 3 Limited.
Aurora will acquire 66,691,417 shares in PDI held by the African Lion 3 Fund, in consideration for $0.01 per share, representing an approximate 11% premium to the closing price of Predictive shares as at 9 July 2014 and an approximate 34% premium to the volume-weighted closing price of PDI shares in the last 30 days up to 9 July 2014.
Aurora also holds 19.95% of fellow Burkina Faso explorer Golden Rim
Resources (ASX: GMR).
PDI Managing Director Paul Roberts said he was pleased with the transaction, which demonstrated that Aurora recognised the outstanding potential of PDI's project portfolio in Burkina Faso, as well as Cote d'Ivoire. 'We are delighted to have Aurora on board as a strategic investor in our Company,' he said. 'As part of the agreement, African Lion has taken a 12.8% stake in Aurora so it will maintain exposure to the upside of its original investment in Predictive Discovery as we continue our work to uncover the potential of the Samira Hill greenstone belt in Burkina Faso.'
Predictive Discovery Limited (PDI) was established in late 2007 and listed on the ASX in December 2010. The Company is focused on exploration for gold in West Africa. The Company's major focus is in Burkina Faso, West Africa where it has assembled a substantial regional ground position totalling 1,605km2 and is exploring for large open-pittable gold deposits.
Exploration in eastern Burkina Faso has yielded a large portfolio of exciting gold prospects, including the Bongou trend where a series of high-grade gold drill intercepts have been obtained in the past 12 months. PDI also has interests in a strategic portfolio of tenements in Cote d'Ivoire covering a total area of 1,534km2.
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