Jindalee Resources is proceeding with the spin-out of its Australian assets into a new listed vehicle, Dynamic Metals.
The move will enable Jindalee to focus its attention on the development of the advanced McDermitt lithium project in Oregon, USA, while simultaneously providing an opportunity for investors to gain increased exposure to the company’s earlier-stage exploration projects in Western Australia.
Dynamic Metal’s portfolio will include Jindalee’s extensive landholding in the Widgiemooltha district and the Lake Percy project, both of which are highly prospective for lithium, nickel and gold.
The portfolio will also include the recently acquired Deep Well Ni-Cu-PGE project, in which Dynamic will hold an 80 per cent interest after listing.
Jindalee will seek shareholder approval for the disposal of the Australian assets to Dynamic Metals at its upcoming Annual General Meeting.
Dynamic Metals proposes to undertake an initial public offering to raise a minimum of $5 million and up to $7m at an issue price of 20 cents per share.