The SPP, which aimed to raise up to $1 million, received strong demand and closed oversubscribed. In accordance with the SPP offering booklet2, the Board of Directors exercised its discretion to oversubscribe, resulting in total proceeds of $1.5 million. To ensure fair distribution, applications for amounts greater than $5,000 were scaled back pro rata. Excess application fees will be refunded to applicants in accordance with the SPP terms2.
A total of 2,720,065 fully paid shares of common stock (shares) have been issued at $0.55 per share. Eligible shareholders also received one (1) option for each (1) Share allocated, exercisable at $0.825 and expiring on November 30, 2028 (Option), without prior consideration. Participants in the placement announced on October 20, 2025 will also receive Options on the same basis as SPP participants, which will be issued subject to shareholder approval at the general meeting of the Company to be held on December 10, 2025.
The funds raised will be used to advance the McDermitt Lithium Project, including exploration drilling, metallurgical testing and working capital to advance the proposed US Special Purpose Acquisition Company (SPAC)3 transaction.
Commenting on the SPP, Ian Rodger, Managing Director and CEO of the company, said “We are grateful for the excellent support from our shareholders. The strong response to the SPP reflects the confidence in Jindalee and the strategic importance of the McDermitt project. On behalf of the Board of Directors, we thank you for your continued support.”
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