Australian lithium developer Jindalee to raise A$10m for McDermitt, newco
ASX-listed Jindalee Lithium has received firm commitments to raise about A$8.4-million through the issue of 18.3-million new fully paid ordinary shares at an issue price of A$0.46 apiece.
The company will undertake a private placement to sophisticated, professional and institutional investors – as the initial placement – while it will also seek shareholder approval for a conditional placement to issue 130 437 shares to the company’s directors.
Together, the placements will raise A$8.5-million. In parallel with the placement, Jindalee’s board has resolved to undertake a non-renounceable entitlement offer to raise a further A$2.5-million. Under this offer, eligible shareholders will be offered the opportunity to acquire one share at the initial placement offer price for every 19 shares held on May 13.
Jindalee has already received commitments from investors to subscribe for A$1.2-million of any shortfall under the entitlement offer.
Overall, Jindalee will raise between A$10.2-million and A$11-million, to maintain development momentum at its McDermitt project, on the border of Oregon and Nevada, and provide runway to progress the proposed Nasdaq listing the company is undertaking of a new company called US Elemental.
Jindalee’s subsidiary HiTech Minerals entered into a definitive business combination agreement with Constellation Acquisition Corporation that will result in US Elemental being listed on Nasdaq.
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