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.
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