Jindalee raises $9m for WA, US projects

Perth-based Jindalee Resources has secured $9 million from investors to fund the development of its lithium, gold and nickel projects.

Some of the proceeds will go towards drilling, metallurgical testwork, development studies and permitting at the company’s McDermitt lithium project in the US and initial drilling at its Clayton North asset, both acquired in June 2018.

The funds will also be directed towards drilling at the company’s Widgiemooltha gold-nickel project in Western Australia.

Chairman Justin Mannolini said the placement was strongly supported by leading Australian institutions.

Jindalee will issue 6 million shares on March 22, priced at $1.50 each.

Blue Ocean Equities and Sydney-based Curran & Co are acting as joint lead managers and bookrunners to the placement.

Shares in Jindalee closed up 17 per cent to trade at $1.78.