Jindalee Lithium announced a capital raise of up to $6.7 million to progress work on their flagship McDermitt Lithium Project in the USA.

The funding initiative includes a mix of placements, entitlement issues, and convertible notes, with firm commitments amounting to $4.1 million already secured.

A key component of the raise is a placement of $600,000 from institutional investors, directors, and management at 30 cents per share.

An entitlement issue aims to raise up to $3.1 million, and an additional $9 million in convertible notes could further bolster company funds.

Funds will be directed towards completing the McDermitt pre-feasibility study, enhancing US operations, and meeting corporate costs.