Jindalee Resources Limited (ASX: JRL | OTC: JNDAF) has undertaken a capital raising comprising of up to 3.93M shares at a price of A$1.40 each to raise up to A$5.5M (before costs).
The capital raising includes a priority offer of up to 1.43M shares to eligible Jindalee share and option holders, those who have been on the register as at 5:00pm on 12 October 2023, and a public offer of 2.5M shares to investors who have been invited by the company or the lead manager to subscribe for shares under the public offer (offers).
McDermitt, Jindalee’s wholly-owned flagship project, is the largest lithium deposit in the US by contained lithium with 21.5Mt lithium carbonante equivalent (LCE) in mineral resource.
Funds raised under the offers will be used to advance exploration and development of the McDermitt Lithium Project. This will include drilling and exploration activities, metallurgical testwork, advancing a pre-feasibility study, heritage and environmental work, and other general working capital and offer costs.
The offers will be made using the company’s available placement capacity under listing rule 7.1. The capital raising is not underwritten. The company is also seeking approval at the AGM to change the name from ‘Jindalee Recources Limitied’ to ‘Jindalee Lithium Limited’.
For further information, please visit: www.jindalee.net
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