Jindalee Resources (ASX:JRL) has completed the spin-out and Initial Public Offering (IPO) of Dynamic Metals Limited, which was oversubscribed, raising a maximum of $7M.
Dynamic Metals' portfolio includes landholdings in the Widgiemooltha district and the Lake Percy Project, both of which are highly prospective for lithium, nickel and gold, as well as the Deep Well Ni-Cu-PGE Project in which Dynamic holds an 80% interest.
Jindalee will hold 12.5 million Dynamic shares post listing, giving Jindalee shareholders an indirect interest in Dynamic's projects.
The spin-out will allow Jindalee to focus on its McDermitt Lithium Project, a large source of lithium for the US battery industry.