https://www.miningweekly.com

Galaxy raises A$61m to fund project development

Galaxy raises A$61m to fund project development

Photo by Bloomberg

8th February 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Lithium miner Galaxy Resources will raise some A$61-million through a share placement to institutional and sophisticated investors to fund the development of its Sal de Vida and James Bay projects, in Argentina and Canada respectively.

Galaxy on Wednesday told shareholders that some 113-million new shares, at 54c apiece, would be issued through a private placement. The offer price represented a 9.2% discount to the company’s closing price on February 3.

The shares will be issued within the company’s placement capacity and, as such, will not require shareholder approval.

Galaxy said the proceeds of the placement, as well as existing funds available to the company, will serve primarily to strengthen its balance sheet and increase financial flexibility to progress the development work at the two projects, as well as for general corporate purposes.

Galaxy earlier this week announced that site work at the Sal de Vida lithium project was expected to start before the end of the month, with the $375.5-million project expected to produce 25 000 t/y of battery-grade lithium carbonate and 95 000 t/y of potash over a 40-year mine life.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.186 0.225s - 90pq - 2rq
Subscribe Now