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Dateline Resources (DTR) has received firm commitments to raise $6.25 million via a share placement.
The money will be raised through the issue of 62.5 million new shares to sophisticated and professional investors priced at 10 cents each.
The price represents a 17 per cent discount to Dateline’s last trading price of 12 cents on August 18.
Additionally, 15,625,000 unquoted options will be issued, exercisable at 13.5 cents with expiry on or before three years of the grant date.
Dateline will use the money to further gold and rare earth exploration at its Colosseum project in California.
On August 17, Dateline revealed a gravity survey at Colosseum had revealed a “relatively dense” unit that strikes north-northwest.
This unit extends over a 2000-metre strike, has an estimated depth of around 150 to 250 metres, and a width between 200 to 450 metres.
Dateline is in the process of planning a drilling program to test the strike extent of the unit to determine if it bears rare earth element carbonatite.
Shares in Dateline were down 8.33 per cent on the market and were trading at 11 cents at 2:01 pm AEST.