How Will Dart Mining’s A$2.86m Raise Fuel Its Queensland Drilling Push?
Dart Mining NL has raised A$2.86 million through a discounted share placement to fund drilling at its key Queensland projects, with shareholder approval pending for the bulk of the capital raise and related options.
- Two-tranche placement raising A$2.86 million at 0.17 cents per share
- Placement price set at a 43% discount to recent closing price
- Funds earmarked for drilling at Triumph Gold and Coonambula projects
- Shareholder approval sought for majority of placement and options issuance
- Planned 1-for-15 share consolidation post-placement
Capital Raise Details
Dart Mining NL (ASX, DTM) has announced a two-tranche placement to raise a total of A$2.86 million before costs, issuing over 1.68 billion new shares at a deeply discounted price of 0.17 cents each. The initial tranche of A$300,000 will be issued under existing ASX rules, while the larger tranche of A$2.56 million awaits shareholder approval at a meeting scheduled for September 2025.
The placement price represents a significant 43% discount to the company’s closing share price on 8 August 2025, reflecting the challenges junior miners often face when raising capital but also the urgency to fund upcoming exploration activities.
Use of Funds and Strategic Focus
The net proceeds from the placement will be directed primarily towards advancing drilling programs at Dart’s flagship Triumph Gold Project and the Coonambula Antimony/Gold Project, both located in Central Queensland. These projects are central to Dart’s growth strategy, aiming to unlock value through resource expansion and potential new discoveries.
In addition to exploration, the funds will support general working capital needs, ensuring operational continuity as the company pushes forward with its development plans.
Shareholder Approvals and Options
Alongside the share placement, Dart will seek shareholder approval to issue free options to investors participating in the placement, exercisable at 0.34 cents and valid for three years. Broker options will also be issued on similar terms, subject to approval. The company intends to list these options on the ASX, providing additional liquidity and potential upside for investors.
Following the completion of the placement, Dart plans a 1-for-15 consolidation of shares and options, a move designed to streamline the capital structure and potentially improve trading dynamics. Shareholder approval for this consolidation will also be sought at the upcoming meeting.
Bonus Options Consideration
In a nod to existing shareholders, Dart is considering a bonus options entitlement at no cost, aimed at providing exposure to the new class of options created through the placement. While details remain to be finalized, this gesture signals the company’s intent to balance dilution concerns with shareholder value.
Lead Manager Oakley Capital Partners and Zerp Capital are overseeing the placement, each receiving a 6% fee on funds raised and broker options, aligning their interests with the successful execution of the capital raise.
Looking Ahead
Dart’s ability to secure funding at a challenging discount underscores both the risks and opportunities inherent in junior mining ventures. The success of the drilling programs funded by this raise will be critical in shaping investor sentiment and the company’s trajectory in the coming months.
Bottom Line?
Dart’s capital raise sets the stage for pivotal drilling results that could redefine its Queensland projects’ prospects.
Questions in the middle?
- Will shareholders approve the bulk of the placement and the proposed options issuance?
- How will the 1-for-15 share consolidation impact liquidity and investor interest?
- What early results can be expected from the upcoming drilling programs at Triumph and Coonambula?
