Dateline Resources (ASX:DTR) has completed a $50 million placement to institutional investors, growing its cash holdings to $96 million as it progresses development works at the Colosseum Project in California.
With this placement, Dateline issued 125 million new ordinary shares at $0.40 per share, representing around 3.3% of Dateline’s enlarged share capital.
Managing Director Stephen Baghdadi says that the raise drew strong support from ‘high-quality’ institutional investors and is a “clear endorsement of what Colosseum represents”.
“We’re not standing still. Enabling works are already underway and we’re pushing ahead on multiple fronts to make sure the project is ready to move into production quickly when the time comes,” Baghdadi says.
“We’re also taking the time to get key elements right, particularly water management. Doing that properly now pays dividends for the operation and the environment over the long term.”
Funds will go towards site development works, progressing procurement of key processing infrastructure, supporting final optimisation workstreams, getting the equity component for a future project finance facility, and exploration work at both Colosseum and Music Valley.
Shaw and Partners acted as lead manager and bookrunner to this placement.
Dateline Resources is focused on mining and exploration in North America, with a focus on the Colosseum Gold-REE Project in California.
Write to Amy Rotman at Mining.com.au
Images: Dateline Resources
