Jindalee Resources Ltd (ASX:JRL) has lodged the prospectus for the initial public offering (IPO) of shares in Dynamic Metals Limited – the primary vehicle for the development of Jindalee’s Australian lithium, nickel and gold assets.
The IPO is conditional on, among other things, Jindalee shareholder approval for the spin-out of Dynamic.
Permission will be sought at the forthcoming Annual General Meeting.
The IPO prospectus includes details for a priority offer to eligible Jindalee shareholders on the register on the record date of November 23, 2022.
The priority offer is underwritten by Canaccord Genuity (TSX:CF, LSE:CF) Australia Pty Ltd and Discovery Capital Partners Pty Ltd.
The Dynamic IPO will enable Jindalee to renew its focus on exploration and development activities at the McDermitt Lithium Project in the United States.
JRL’s 2022 drilling program is designed to infill and extend the mineral resource estimate (MRE) announced on July 6, 2022, of 1.82 billion tonnes @ 1,370 parts per million (ppm) lithium for 13.3 million tonnes LCE (lithium carbonate equivalent) at 1,000 ppm lithium cut-off.
The company recently reported strong shallow intercepts from all five holes.
Read more: Jindalee Resources reports excellent intercepts at McDermitt Lithium Project