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Jindalee Resources board of directors participate in entitlement offer

Funds will go towards exploration programs at the company’s US-based McDermitt Lithium Project and the Widgiemooltha Gold-Nickel Project in Western Australia.

Jindalee Resources Ltd - Jindalee Resources's board of directors participate in entitlement offer
Drilling at the McDermitt Lithium Project aims to support a maiden resource estimate

Jindalee Resources Ltd’s (ASX:JRL) board of directors have participated in the entitlement offer through acquiring shares in the company.

Jindalee non-executive director Justin Mannolini has acquired 25,000 fully paid ordinary shares increasing the total amount of securities held after the exchange to 275,000.

Managing director Pip Darvall has acquired 5,450 fully paid ordinary shares increasing the total amount of securities held after the exchange to 59,950.

Jindalee executive director Lindsay Dudfield has acquired 391,221 fully paid ordinary shares at a value of $117,366.

Shortfall shares under entitlement offer

Jindalee executive director and joint company secretary Patrica Farr has acquired 35,467 fully paid ordinary shares at a value of $10,640.

The company allocated the shortfall shares under the entitlement offer yesterday after receiving strong interest from sophisticated and professional investors.

Placement of the shortfall shares took place today at the offer price of 30 cents a share to raise a further $339,022.

Jindalee managing director Pip Darvall said the company appreciated the strong support the entitlement offer received from existing shareholders, as well as from new shareholders who quickly took up the shortfall.

Quick facts: Jindalee Resources Ltd

Price: 0.25 AUD

ASX:JRL
Market: ASX
Market Cap: $9.62 m
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