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On 22 January 2019, Dateline Resources Limited (ASX:DTR) announced to increase the underwriting commitment for renounceable right offers. The Chairman of the Company Mr. Johnson increases underwriting from $500,000 to $1,613,472 in new funding. The current right issue Johnson has worth more than $3,044,000.Â
The right issue has been partially underwritten by a number of Companyâs Directors including the Chairman Mr. Mark Johnson and new CEO Mr. Glenn Dovaston. On 30 November 2018, the company announced a renounceable rights issue of new fully paid ordinary shares at an issue price of $0.002 per share to raise fund totalling $14.5 million approximately, before costs.
Mr. Johnson, the Chairman of the Company had committed to subscribe for up to $500,000 worth of any new shares which were unsubscribed by the eligible shareholders within the deadline. However, despite the previously disclosed arrangements, Mr. Johnson has agreed to increase his underwriting commitment by $1,113,472.
The substantial holder of the company includes Individuals and the Companies. The current substantial holders are SXX, Mark Johnson, Red Star, Mr. KD Vinci, Greg Hall, and Stephen Baghdadi. The shares held before the rights issue percentage stood at 33.13%, 9.88%, 8.41%, 8.28%, 1.38% and 0.09% respectively. However, post the rights issue the percentage for these substantial holders in the company stood at 54.40%, 31.81%, 1.26%, 1.24%, 1.24%, and 1.69% respectively. The new right shares issued to the substantial holders include 2,400,150,020 shares to SXX, 1,472,331,210 shares to Mark Johnson- the current CEO of the Company.
The closing time and date for the rights Issue are 5 pm as per the Sydney time on Thursday, 31 January 2019. The company encourages any existing eligible shareholder who wishes to apply for new shares and additional new shares to do so, as early as possible so that the closing deadline is not crossed. This is mainly encouraged by the company since existing non-related party shareholders can apply for new additional shares in excess of their original entitlement as per the offer booklet, and they will be allocated any such additional new shares applied for and issued in priority to any of the above-mentioned related parties.
Mr. Stephen Baghdadi said that the increased financial commitment by Mark Johnson- the chairman of the company is an evidence of his belief in the potential and quality of the Company's fully- owned gold assets in Colorado in the United States.
Now let us quickly have a look at the Dateline Resources Limitedâs stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.002, with a market capitalization of ~$15.94 million. The stock has yielded a negative YTD return of 16.67% and posted negative returns of 71.36%, 58.34% and 16.67% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.022, with an average trading volume of ~936,869.
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