Jindalee Resources raises AU$7 million via Dynamic Metal’s IPO and spin out

Jindalee Resources Limited (ASX: JRL) announced it had completed the spin-out and Initial Public Offering of Dynamic Metals Limited. The IPO raised up to a maximum of AU$7 million, closing oversubscribed. Under the IPO, Dynamic Metal’s shares allotted were issued on 11 January 2023.

This spin-out will enable the company to concentrate on its McDermitt Lithium Project. A vast and tactically significant domestic source of lithium for the US battery industry. The company will hold a 12.5 million share of Dynamic metals, 25.5% of Dynamic’s issued capital post-listing. It provides an indirect interest in Dynamic’s projects to the company’s shareholders.

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