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The placement will be issued in two tranches, with the first consisting of 176.7-million shares under the company’s existing placement capacity.

The second tranche of 12.3-million shares will be subject to shareholder approval at a meeting scheduled to take place in late November.

“The strong demand from international and Australian institutions reflects the quality of the Bankan gold project. The placement will enable us to significantly advance the north-eastern Bankan and Bankan Creek prospects and demonstrates clear support for our strategic plan to unlock the full value of this asset which continues to demonstrate exceptional scale potential given the broad widths and good grades, and excellent scope for further growth,” said Predictive MD Paul Roberts.

Proceeds from the placement will be used to accelerate the development of the Bankan gold project, including the second phase drilling where the company is targeting a maiden mineral resource estimate by mid-2021.