Jindalee Lithium (ASX:JLL) received firm commitments to raise around AU$8.4 million through the issue of roughly 18.3 million new shares at AU$0.46 apiece, according to a Friday filing with the Australian bourse.

The company also intends to seek shareholder approval to issue 130,437 shares to its directors, bringing the total placement proceeds to AU$8.5 million through the issue of 18.5 million shares, the filing said.

Participants will receive an option to acquire one share for every one share issued under the placement, with an exercise price of AU$0.60 and an expiry date of June 30, 2029.

Additionally, the company will undertake a non-renounceable entitlement offer to raise up to a further AU$2.5 million at the same terms as the placement.

Proceeds will be used to advance the McDermitt project in Oregon and support completion of the proposed Nasdaq listing of US Elemental, per the filing.