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Highlights
- Jindalee is closing its AU$3.5 million public offer early as it has received applications in excess of the maximum amount sought.
- With this public offer, over 150 new investors will join JRL’s share register.
- The AU$2 million priority offer is scheduled to close on 27 October 2023.
- The funds raised will accelerate developments across the US-based McDermitt lithium project.
Jindalee Resources Limited (ASX: JRL) announced a capital raise of AU$5.5 million on 16 October 2023, comprising a public offer of AU$3.5 million and a priority offer of AU$2.0 million.
Today, the company advised that it received applications above the maximum amount sought to be raised in the public offer.
With this development, the company has decided to close the public offer before the proposed date.
The shares subscribed under the public offer are anticipated to be issued on 20 October 2023. Following the public offer, more than 150 new sophisticated, professional, and retail investors will become a part of JRL’s share register.
More
The priority offer to existing JRL shareholders, entailing up to 1,430,000 shares, is scheduled to close on 27 October 2023, and the shares subscribed under the priority offer are expected to be issued on 31 October 2023.
The proceeds from the raise will be directed towards the development and advancement of exploration activities across the McDermitt lithium project, 100% owned by JRL.
Data source: company update
Read latest update on drilling campaign at McDermitt here.
JRL share price jumps over 3%
JRL shares jumped 3.76% to trade at AU$1.38 apiece at the time of writing on 19 October 2023.
