Jindalee Lithium Limited has entered into a non-binding Letter of Intent with Constellation Acquisition Corp. I to merge with HiTech Minerals Inc.
The proposed merger aims to form a new entity, NewCo, with an equity value of US$500 million for Jindalee's US assets.
Upon completion, NewCo is set to list on a US national securities exchange, providing access to US capital markets.
Merger Announcement
Jindalee to merge with Constellation's SPAC to create NewCo with US$500 million equity value.
Capital Raise
Transaction involves raising US$20-30 million, with US$4 million commitment from Antarctica Capital affiliates.
Listing on US Exchange
NewCo expected to list on a US national securities exchange post-merger, enhancing access to capital.
- The merger with Constellation Acquisition Corp. I presents Jindalee with an opportunity to create a US-listed entity with direct exposure to the McDermitt Project.
- Funding from the proposed merger is anticipated to advance the McDermitt Feasibility Study significantly.
- The transaction positions the McDermitt Project to benefit from US government support for domestic critical minerals supply.
The proposed merger with Constellation Acquisition Corp. I represents a strategic move by Jindalee Lithium to leverage US capital markets and strengthen its position in the lithium industry.