• Firm commitments received for A$14 million placement at A$0.16 per share
• Cornerstone A$5m investment from prominent resource investor Tony Poli
• Strong support from new and existing institutional investors and resource funds

DeSoto Resources Ltd (ASX: DES) has received firm commitments for a placement of new fully paid ordinary shares to raise A$14 million before costs. The placement comes as the company embarks on its maiden RC drilling program in the Siguiri Basin of Guinea, 6 months after acquiring its initial projects in the region. The funds will support the initial 10,000-meter drilling programs at Dadjan, Tole and Timbakouna, as well as further exploration activities across DeSoto's Guinea portfolio and in the Northern Territory. The placement was cornerstone by a A$5 million investment from prominent resource investor Mr. Tony Poli, who has had great success in resources investment and is a long-term shareholder of Predictive Discovery. The placement also received strong support from new and existing institutional investors and resource funds. Canaccord Genuity (Australia) Ltd and Euroz Hartleys Limited acted as Joint Lead Managers, with both agreeing to take half of their fees in the form of new shares in the company.

The funds raised from the A$14 million placement will support DeSoto's maiden 10,000-meter drilling programs in Guinea's Siguiri Basin, as well as further exploration activities across the company's Guinea and Northern Territory portfolios.

DeSoto is following the same systematic approach to target generation that was highly successful for the company's technical team in their discovery of the tier-1 Bankan Gold Project in the Siguiri Basin. The placement ensures the company is well funded to execute this business plan.