SYDNEY, AUSTRALIA: Jindalee Resources Limited has efficiently accomplished 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 as much as a most of $7 million closing oversubscribed. Dynamic shares allotted under the IPO were issued on eleven January 2023.
The ASX has suggested that Dynamic Metals has been admitted to the Official List of ASX, and is anticipated to commence buying and selling on the ASX at 9:00am (AWST) on Monday, sixteen January 2023.
Dynamic’s portfolio includes an extensive landholding within the Widgiemooltha district and the Lake Percy Project, each of that are extremely potential for lithium, nickel and gold, in addition to 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 really large and strategically important home supply of lithium for the US battery industry.
Jindalee will maintain 12.5 million Dynamic shares (25.5% of Dynamic’s issued capital) post listing, offering Jindalee shareholders with an oblique curiosity in Dynamic’s projects.
Jindalee Resources Limited (ASX: JRL) is an exploration firm with direct and oblique publicity 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, together with precedence entitlements to a number of profitable IPO’s and payment of a particular 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 event of the giant McDermitt Lithium Project.