Dateline Resources (ASX:DTR) has completed a $35 million institutional placement at $0.31 per share, boosting the company's total cash reserves to over $58 million.
The placement, supported by new and existing institutional investors, saw the issuance of 112.9 million new shares, representing 3.1% of Dateline's share capital.
Senior management and directors also participated in the placement with a combined commitment of $1.4 million, including contributions from two recently appointed directors, aligning management with shareholder outcomes.
The capital will fund multiple initiatives at the Colosseum Gold-REE Project in California, including the completion of a bankable feasibility study, expanded exploration and site works, procurement of long-lead items, and an accelerated diamond drilling program targeting deeper sulphide and rare earths mineralisation.
Recent geophysical surveys, including coincident IP, magneto-telluric, and radiometric anomalies, have identified prospective deep targets.
Two diamond drill rigs are being mobilised, with additional rigs planned to support a more extensive drilling campaign.
At the time of reporting, Dateline Resources' share price was $0.36.