Jindalee to raise cash for McDermitt lithium project
Exploration company Jindalee Lithium is seeking to raise up to A$6.7-million to advance work at the McDermitt lithium project, in the US.
The capital raise will consist of three elements, including a placement of about A$600 000 to institutional investors, directors and management at A$0.30 a share with attaching options, a nonrenounceable rights issue to existing shareholders on a one-for-six basis at the same price, and a funding facility for the balance.
The company entered into a funding facility with US-based fund manager C/M Capital Partners, as manager of Mercer Street Global Opportunity Fund II, for up to A$12-million. Mercer Street will fund an initial convertible note tranche of A$3-million.
Mercer Street may fund optional further tranches of up to $9-million by mutual agreement.
“We are very pleased to have secured the support of Mercer Street as a long-term funding partner, alongside the continued backing of our existing shareholders. We firmly believe that the funding initiatives announced today will support Jindalee’s work programmes for the foreseeable future,” said CEO Ian Rodger.
The funds raised will be used for the completion of the McDermitt prefeasibility study (PFS), continuing US activities, including baseline studies, permitting and stakeholder engagement, as well as for corporate costs.
Rodger said he was excited by the value optimisation opportunities at McDermitt, which were underpinned by the recent metallurgical testwork that yielded better-than-expected results.
“Our goal is to reduce capital intensity and operating costs, thereby improving early returns while still delivering a multi-decade production outlook for battery-grade carbonate, from what we believe is an emerging top-tier, generational asset. We are committed to incorporating these opportunities into the PFS and look forward to sharing the outcomes later this year.”
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