Galan hoping to raise A$36.5m for lithium projects
PERTH (miningweekly.com) – ASX-listed Galan Lithium will raise A$31.5-million through an institutional share placement to accelerate work at its lithium projects in Argentina and Western Australia.
The company on Monday said it had received firm commitments for the placement of 30-million new shares, priced at A$1.05 each from institutional, sophisticated and professional investors.
The placement price represents a 12.5% discount to Galan’s last closing price on May 17, and a 9.8% discount to the company’s ten-day volume weighted average share price. The shares will be issued under the company’s existing placement capacity, and will not require shareholder approval.
In addition to the share placement, the company also plans to undertake a share purchase plan (SPP), targeting a further A$5-million, with eligible shareholders able to subscribe for up to A$30 000 of additional new shares in the company, also at a price of A$1.05 each.
Galan told shareholders that the placement would provide the company with significant flexibility to its ongoing capital expenditure requirements at the Hombre Muerto West, Candelas and Greenbushes South projects.
Funds would be used to purchase long-lead items in preparation for the Stage 1 4 000 t/y lithium carbonate equivalent operation at Hombre Muerto West, the prepayment of the earthworks contractors, the Stage 2 definitive feasibility study and further exploration and production well drilling.
Funding would also go towards additional work at the Greenbushes operation, and for general working capital.
Comments
Projects
Latest Multimedia
Showroom
Weir Minerals Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones, wear-resistant linings,...
VISIT SHOWROOM
As a world-leading mining equipment manufacturer, we are committed to improving your productivity and profitability. Sandvik Mining and Rock...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
