SYDNEY, AUSTRALIA: Jindalee Resources Limited has successfully completed the spin-out and Initial Public Offering (IPO) of Dynamic Metals Limited (ASX: DYM).
The IPO received strong support from Jindalee shareholders and new investors, with the offers to raise up to a maximum of $7 million closing oversubscribed. Dynamic shares allotted under the IPO were issued on 11 January 2023.
The ASX has advised that Dynamic Metals has been admitted to the Official List of ASX, and is expected to commence trading on the ASX at 9:00am (AWST) on Monday, 16 January 2023.
Dynamic’s portfolio includes an extensive landholding in the Widgiemooltha district and the Lake Percy Project, both of which are highly prospective for lithium, nickel and gold, as well as the Deep Well Ni-Cu-PGE Project in which Dynamic holds an 80% interest.
The spin-out of Jindalee’s Australian assets via Dynamic will allow the Company to focus on its McDermitt Lithium Project, a very large and strategically important domestic source of lithium for the US battery industry.
Jindalee will hold 12.5 million Dynamic shares (25.5% of Dynamic’s issued capital) post listing, providing Jindalee shareholders with an indirect interest in Dynamic’s projects.
Jindalee Resources Limited (ASX: JRL) is an exploration company with direct and indirect exposure to lithium, gold, base and strategic metals, iron ore, uranium and magnesite through projects generated by the Company’s technical team. Jindalee has a track record of rewarding shareholders, including priority entitlements to several successful IPO’s and payment of a special dividend.
The separation of Jindalee’s Australian assets via the spin-off of Dynamic Metals (ASX: DYM) in January 2023 will leave Jindalee as a pure-play US lithium play focussed on the development of the giant McDermitt Lithium Project.