Dateline MD injects over A$1m in show of confidence
ASX-listed Dateline Resources said on Wednesday that MD Stephen Baghdadi had exercised more than 53-million share options, injecting over A$1.06-million into the company and increasing his stake to 12.85%.
Baghdadi now holds 396 890307 ordinary shares in the company, aligning his interests more closely with those of other shareholders, the firm said in a statement.
“This action highlights his long-term commitment to Dateline’s projects and aligns leadership’s interests closely with those of fellow shareholders,” the company said.
Proceeds from the capital injection will be used to advance Dateline’s flagship Colosseum gold and rare earth elements (REE) project in California, a past-producing gold mine that has shown multiple indicators of REE mineralisation.
“Exercising these options was an easy decision because I have great confidence in Dateline’s long-term future,” Baghdadi said. “Our project is a high-quality asset with tremendous upside. Increasing my stake in the company underscores my commitment to our long-term vision and growth and it enhances the company finances by bringing the total cash at bank and option exercise commitments to almost $9 000 000.”
The company said it remained focused on delivering value through the development of its core asset and that Baghdadi’s increased investment was a strong endorsement of its growth strategy.
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