Jindalee Lithium (ASX:JLL) has completed its entitlement offer, raising $2.4 million to advance the McDermitt Lithium Project in the US.
The offer forms part of a broader capital raising program including a May placement, bringing total proceeds to approximately $11 million.
The company has issued 5.29 million shares at $0.46 each, with eligible shareholders receiving one free quoted option for every share allocated.
Under the offer, options are exercisable at $0.60 and expire on 30 June 2029.
Participants in the 8 May placement will receive options on the same terms, subject to shareholder approval at the company’s general meeting on 30 June.
Jindalee Lithium says proceeds will advance and de-risk the McDermitt project through drilling, metallurgical testwork, technical studies, and permitting.
The company will also support the proposed Nasdaq listing of US Elemental, including associated listing and transaction costs.
CEO Ian Rodger says the company is “grateful” for the support from shareholders and shortfall investors.
“The strong response to the entitlement offer reflects confidence in Jindalee Lithium Limited and the strategic importance of the McDermitt Lithium Project,” Rodger says.
Jindalee Lithium owns 100% of the McDermitt Lithium Project with unencumbered offtake rights, positioning the asset as one of the largest lithium resources in the US.
Write to Paula Fabe at Mining.com.au
Images: Jindalee Lithium
