Predictive Discovery (ASX:PDI) received binding commitments from the Lundin Family and Zijin Mining Group to raise roughly AU$69.2 million through a strategic private placement of 261.2 million shares at a price of AU$0.265 apiece, according to a Tuesday filing with the Australian bourse.

The Lundin Family will subscribe for 170.1 million shares for an investment of AU$45.1 million to obtain a 6.5% shareholding in the company, while Zijin Mining Group will subscribe for 91.1 million shares for an investment of AU$24.1 million to obtain a 3.5% shareholding, the filing said.

Proceeds will be used to advance the Bankan gold project, according to the filing.

Predictive Discovery shares rose 8% in morning trade Tuesday.