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Jindalee raises cash for US lithium

15th March 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Jindalee Resources will raise A$9-million through a share placement to fund resource growth and development studies at its McDermitt and Clayton North lithium projects, in the US, and to advance its gold and nickel projects in Western Australia.

The company on Monday announced that it would place six-million shares, at a price of A$1.50 each to institutional, professional and sophisticated investors under its existing placement capacity.

The placement price represents a 1.3% discount to Jindalee’s last trading price, and a 10% discount to its 15-day volume weighted average share price.

Chairperson Justin Mannolini said that the strongly supported and successful capital raising would ensure that the company is well funded to continue to develop the McDermitt project.

“Our recent drilling has returned broad, shallow lithium intercepts, both from within the existing inferred mineral resource and from considerable distance outside of the existing resource.

“These results have the potential to significantly increase the size of the existing resource and convert much of the current resource from inferred to indicated status. We look forward to providing a resource upgrade in late March or early April with a potential scoping study to follow.”

Edited by Creamer Media Reporter

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