- US gold developer Dateline Resources (DTR) receives firm commitments to undertake a $4.1 million placement
- More than 45.5 million new shares will now be issued to sophisticated and professional investors at nine cents
- Subject to shareholder approval, Managing Director Stephen Baghdadi and Non-Executive Director Tony Ferguson will apply for shares worth $308,000
- Dateline will use the money to complete a drilling program and undertake soil sampling at the recently acquired Colosseum Gold Mine
- Shares in Dateline are steady on the market at 10.5 cents at 1:44 pm AEST
US gold developer Dateline Resources (DTR) has received firm commitments to undertake a $4.1 million placement.
The company entered a trading halt on July 21 but did not disclose how much it intended to raise or what it would use the funds for.
A total of 45,555,555 new shares will now be issued to sophisticated and professional investors at nine cents.
This price represents a 14.3 per cent discount to Dateline’s last trading price of 10.5 cents on July 20.
Subject to shareholder approval, Managing Director Stephen Baghdadi and Non-Executive Director Tony Ferguson will apply for $208,000 and $100,000 worth of shares, respectively.
Dateline will use the money to complete a drilling program at the recently acquired Colosseum Gold Mine and undertake a soil sampling program at Colosseum to evaluate the rare earth potential.
Mr Baghdadi is pleased with the support received and is keen to begin exploration at Colosseum.
“With underground development and drilling currently underway at Gold Links in Colorado and planning advanced for our first field program at Colosseum in California, we are looking forward to a productive six months,” Mr Baghdadi said.
“With a cash balance in excess of $10.5 million post placement, we now have the flexibility to accelerate the Colosseum field program as we continue to advance the development of our Colorado assets towards a decision to mine at Gold Links by the end of 2021.”
Shares in Dateline were steady on the market and trading at 10.5 cents at 1:44 pm AEST.