Jindalee Resources Ltd (ASX:JRL) has completed a spin-out of Australian battery and precious metal assets, forming Dynamic Metals Ltd (ASX:DYM) with an initial public offering (IPO) drawing $7 million in funding as DYM prepares to list to the ASX.
The company says the IPO received strong support from both existing Jindalee shareholders and new investors, with the offer closing oversubscribed for the $7 million ceiling.
Dynamic shares were issued on January 11, and the company is expected to officially list on the ASX on Monday, January 16, at 9:00am AWST.
Dynamic’s portfolio
Dynamic Metals’ portfolio includes landholdings in the Widgiemooltha district and the Lake Percy Project, prospective for lithium, nickel, and gold, as well as an 80% interest in the Deep Well Nickel-Copper-Platinum Group Element Project.
Jindalee says the spin-out will allow the company to focus on its core McDermitt Lithium Project, while also retaining a 25.5% interest in Dynamic and the resulting exposure to the company’s potential success.
McDermitt currently holds an indicated and inferred resource of 1,820 million tonnes at 1,370 ppm lithium for 13.3 million tonnes of LCE (Lithium Carbonate Equivalent), holding a strategic position within Oregon, US, to service the burgeoning electric vehicle market.