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Jindalee Resources directors show support by participating in pro-rata non renounceable entitlement offer

The company plans to undertake drilling at McDermitt Lithium Project with the intention of increasing the current inferred mineral resource and exploration target range.

Jindalee Resources Ltd -
The non-renounceable pro-rata entitlement offer of new fully paid ordinary shares raised A$620,000

Jindalee Resources Ltd (ASX:JRL) board of directors have demonstrated their confidence in the company’s US lithium strategy by participating in the recent pro-rata non-renounceable entitlement offer.  

The company this month completed a 1 for 20 non-renounceable pro-rata entitlement offer of new fully paid ordinary shares to raise A$620,000.

Jindalee's entitlement offer closed on October 16 after receiving acceptances of more than 1.543 million new shares, leaving a shortfall of 399,733 shares, which was heavily oversubscribed.

Change of director’s interests

Non-executive chairman Justin Mannolini acquired 17,128 shares in a direct interest, increasing the total number of securities held in that interest to 359,692 shares.

Executive director Lindsay Dudfield purchased 653,300 shares valued at $209,056 in an indirect interest, increasing the number of securities held to more than 13.725 million.

Company secretary and executive director Patricia Farr acquired 22,000 shares in an indirect interest with a total of 462,000 now held in that interest.

Following the right issue, chairman Mannolini said: “The board is grateful for the ongoing support of Jindalee’s loyal shareholders.

“The completion of this capital raising places Jindalee in a strong position to pursue the next round of resource definition drilling at the McDermitt Lithium Project in the United States and to advance our Australian projects in a prudent and systematic manner.”

McDermitt drilling

The company has plans for a 21-hole drilling program at the McDermitt project in Oregon and this has been approved by the Bureau of Land Management (BLM).

This drilling is aimed at upgrading the current inferred mineral resource to the indicated status ahead of a possible scoping study.

Jindalee expects to start the drilling later this month, subject to availability of suitable drill rigs.

Quick facts: Jindalee Resources Ltd

Price: 0.83 AUD

ASX:JRL
Market: ASX
Market Cap: $37.1 m
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Jindalee Resources says drilling at McDermitt going 'very well' with 10...

Jindalee Resources Ltd's (ASX:JRL) Lindsay Dudfield tells Proactive's Andrew Scott they're progressing a drilling program at the McDermitt Lithium Project in the US state of Oregon with the first 10 holes of a 21-hole program completed. Drilling is designed to extend the current inferred mineral...

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