Jindalee Resources Ltd (ASX:JRL) has completed a spin-off of Australian battery and precious metals assets, forming Dynamic Metals Ltd with an initial public offering (IPO) raising $7 million in funding as DYM prepares to list on the ASX.
The company says the IPO received strong support from both existing Jindalee shareholders and new investors, with the offering being oversubscribed for the $7 million cap.
Dynamic shares were issued on January 11 and the company is expected to officially list on the ASX on Monday, January 16 at 9:00 am AWST.
Dynamics portfolio
Dynamic Metals’ portfolio includes properties in the Widgiemooltha district and the Lake Percy project, which is prospective for lithium, nickel and gold, and an 80% interest in the Deep Well nickel-copper-platinum group element project.
Jindalee says the spin-off will allow the Company to focus on its core McDermitt lithium project while retaining a 25.5% interest in Dynamic and resulting interest in the Company’s potential success.
McDermitt currently has an Inferred Mineral Resource of 150 million tonnes grading 0.43% Lithium and holds a strategic position in Oregon, USA to serve the emerging electric vehicle market.
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