AI assistant
DATELINE RESOURCES LIMITED — Capital/Financing Update 2024
Aug 26, 2024
64793_rns_2024-08-26_f832341b-9ff8-4850-ad84-c02c6ace9da4.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX Announcement
$1.66 million Rights Issue Shortfall Placed
Highlights
-
$1.27 million raised in placement of rights issue shortfall
-
To accommodate demand, an additional $392k placed on same terms
-
Shortfall and follow on placement are in addition to $4.56 million rights issue announced on 31 July 2024
-
Funds will be used to advance the Colosseum gold and rare earths project, including completion of a gold scoping study
Dateline Resources Ltd ( ASX: DTR ) ( Dateline or the Company ) is pleased to announce that the shortfall from the renounceable rights issue announced on 8 July 2024 has been placed and raised additional $1,270,390 (before costs). To accommodate a portion of the excess demand from the book build, the Company has agreed to undertake a placement to raise additional $392,610 on the same terms as the rights issue ( Follow-on Placement ).
Following completion of the Follow-on Placement, the total amount raised under this tranche will be $1,663,000 (before costs). This is in addition to $4.56 million raised from the rights issue, as advised to the market on 31 July 2024.
Under the Follow-on Placement, the Company will issue 65,434,944 new Shares and 32,717,472 DTRO options. These will be issued without shareholder approval using the Company’s existing capacity under Listing Rule 7.1.
The final results from the Rights Issue and the details of the Follow-on Placement are set out below:
| Funds raised | Shares | Options* | |
|---|---|---|---|
| Rights issue (31 July) | $4,559,798 | 759,966,244 | 379,983,122 |
| Shortfall placed | $1,270,390 | 211,731,723 | 105,865,862 |
| Follow-on Placement | $392,610 | 65,434,944 | 32,717,472 |
| Total | $6,222,798 | 1,037,132,911 | 518,566,456 |
*The number of new Shares and Options issued is subject to rounding. A further 21,748,000 DTRO will be issued to the Lead Manager as described in the Prospectus.
Colosseum Gold-REE Project* (100% DTR, California, USA)
27.1Mt @ 1.26g/t Au for 1.1Moz Au Over 67% in Measured & Indicated Mineralisation open at depth Mining studies underway Rare earths potential with geology similar to nearby Mountain Pass mine
Top 20 Shareholders
- ASX announcement 6 June 2024
Page | 2
The proceeds from the rights issue and the Follow-on Placement will be used for:
-
Advancing the Colosseum mine project, including further exploration and completing a scoping study;
-
reducing debt and,
-
general working capital and to cover costs associated with the offers.
The additional securities from the shortfall and the Follow-on Placement are expected to be issued on 27 August 2024.
Mahe Capital Pty Ltd (ACN 634 087 84)( Mahe Capital ) acted as Lead Manager to the Rights Issue and advised Dateline on the Rights Issue and the Follow-on Placement.
A supplementary prospectus, and an Appendix 2A will be issued shortly.
This announcement has been authorised for release on ASX by the Company’s Board of Directors.
For more information, please contact:
Stephen Baghdadi Andrew Rowell Managing Director White Noise Communications +61 2 9375 2353 +61 400 466 226 www.datelineresources.com.au [email protected]
Follow Dateline on X:
==> picture [16 x 16] intentionally omitted <==
https://twitter.com/Dateline_DTR
About Dateline Resources Limited
Dateline Resources Limited (ASX: DTR) is an Australian publicly listed company focused on mining and exploration in North America. The Company owns 100% of the Colosseum Gold-REE Project in California.
The Colosseum Gold Mine is located in the Walker Lane Trend in East San Bernardino County, California. On 6 June 2024, the Company announced to the ASX that the Colosseum Gold mine has a JORC-2012 compliant Mineral Resource estimate of 27.1Mt @ 1.26g/t Au for 1.1Moz. Of the total Mineral Resource, 455koz @ 1.47/t Au (41%) are classified as Measured, 281koz @1.21g/t Au (26%) as Indicated and 364koz @ 1.10g/t Au (33%) as Inferred. The Company is not aware of any new information or data that materially affects the information included in its 6 June 2024 announcement.
The Colosseum is located less than 10km north of the Mountain Rare Earth mine. Work has commenced on identifying the source of the mantle derived rocks that are associated with carbonatites and are located at Colosseum.
Page | 2