Dateline Resources Limited (ASX: DTR), an Australian company focused on mining and exploration in North America, has successfully completed a $35 million institutional placement. The placement, conducted at $0.31 per share, increases the company’s total cash position to over $58 million. The issue was strongly supported by new and existing institutional investors, resulting in the issuance of 112.9 million new ordinary shares, equating to 3.1% of the company’s share capital. Shaw and Partners Limited acted as Sole Lead Manager and Bookrunner to the Placement.
The company will use the funds to advance multiple parallel workstreams at its Colosseum Gold-REE Project in California, including completion of the Bankable Feasibility Study, increased exploration capacity, expanded site works, and the ordering of long-lead items required for the mine restart. Senior management and directors participated in the Placement with a total commitment of $1.35 million, further aligning management with shareholder outcomes.
Recent IP results have identified elevated chargeability, including deeper responses coincident with a magneto-telluric (MT) conductivity feature and a regional structural trend reflected in USGS radiometric data. Dateline now has converging technical datasets, together with the financial capacity, to pursue deeper REE and gold drilling. Two diamond drill rigs are mobilising to site, and Dateline is in the process of securing additional rigs, allowing for an accelerated and deeper drilling program.
Separately, Dateline is progressing work to transition to U.S. reporting standards to enhance its accessibility to U.S. investors. K&L Gates has been appointed to advise on the legal aspects of this process, and Dateline is considering the appointment of a Big Four accounting firm to support U.S. GAAP compliance. The company confirms that it is not aware of any new information or data that materially affects the information included in previous announcements regarding the Colosseum MRE and project economics.
