Jindalee Resources raises $4.1M in total to advance the McDermitt Lithium Project
Proactive Investors
Published Oct 31, 2023 14:38
Updated Oct 31, 2023 15:30
Jindalee Resources raises $4.1M in total to advance the McDermitt Lithium Project
Jindalee Resources Ltd (ASX:JRL), soon to be Jindalee Lithium Ltd, has closed off its priority offer to raise $600,000 on top of the $3.5 million it raised during a recent Public Offer.
In total, Jindalee has raised $4.1 million (before costs) to go towards the development of its McDermitt Lithium Project.
Funds raised will be used to advance exploration and development of the 100% owned McDermitt project and provide general working capital.
McDermitt is the largest lithium deposit in the US by contained lithium with 21.5 million tonne lithium carbonate equivalent (LCE) in mineral resources.
Summary of 2023 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppm. Note: totals may vary due to rounding.
The successful capital raise has seen over 150 new investors join the company’s share register.
Shares for the Public Offer were issued to successful applicants on October 20, 2023, while shares under the priority offer will be issued today.
Showing their confidence in the project, Jindalee Directors have applied for a further 175,000 shares (worth $245,000), subject to approval by shareholders at the company’s AGM on November 22, 20233.
Pure play lithium company
Jindalee is a specialised US lithium firm, primarily engaged in advancing the McDermitt Lithium Project, the largest lithium deposit in North America with 21.5 million tonnes of lithium carbonate equivalent.
In addition, the company offers shareholders ancillary exposure to lithium, gold, base and strategic metals, iron ore, uranium, and magnesite in Australia via its stakes in subsidiary companies Dynamic Metals Ltd (ASX:DYM) and Energy Metals Ltd.
Read more on Proactive Investors AU
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