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Highlights
- Jindalee seeks to raise up to AU$5.5 million via a priority offer and a public offer of AU$2 million and AU$3.5 million, respectively.
- Proceeds from the capital raise would assist in advancing the company’s US-based McDermitt Lithium Project.
- The lithium carbonate equivalent (LCE) in mineral resource at the McDermitt project is 21.5Mt, making it the largest US lithium deposit by contained lithium.
- JRL plans to change the company name to Jindalee Lithium Limited.
Jindalee Resources Limited (ASX: JRL) has announced a capital raising program of up to AU$5.5 million with the issue of up to 3.93 million new shares at AU$1.40 apiece. The capital raising program comprises a priority offer of AU$2 million to eligible share and option holders and a public offer of AU$3.5 million.
The funds raised would be used to progress exploration and development activities at the McDermitt Lithium Project.
To know about the latest developments at McDermitt Project, click here.
More on capital raising program
JRL’s directors intend to participate in the capital raise by subscribing for an aggregate of 175,000 shares, subject to shareholders’ approval in the upcoming annual general meeting (AGM).
The lead manager to the capital raise is Canaccord Genuity (Australia) Limited.
The priority and public offers, which opened on 13 October 2023, are due to close on 27 October 2023.
Funds to advance developments at McDermitt
The proceeds would be used towards advancing drilling and exploration activities, metallurgical testwork, pre-feasibility study, and heritage and environmental studies at the McDermitt Project in the US.
By contained lithium, McDermitt is the largest lithium deposit in the US, with LCE in the mineral resource of 21.5Mt.
Meanwhile, JRL is planning to change its name to Jindalee Lithium Limited. The company will seek shareholders’ approval for the name change at the forthcoming AGM.
JRL shares traded at AU$1.400 apiece at the time of writing on 16 October 2023 with a market capitalisation of AU$98.69 million.
