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Galaxy secures A$5m bridging loan

7th June 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Lithium miner Galaxy Resources has secured a A$5-million bridging loan facility from Deutsche Bank.

It told shareholders on Friday that the bridging facility would be used for working capital and convertible bond interest payments.

The maturity date of the facility was the earlier of three months after the loan drawdown, or the date on which settlement of the rights issue entitlement offer occurred.

During May this year, Galaxy launched a A$47-million capital raising to fund the ramp-up of its Jiangsu plant, in China, after losing a A$66.2-million investment from East China Mineral Exploration & Development Bureau in January.

The one-for-one pro rata entitlement offer was priced at 8c a share.

Edited by Creamer Media Reporter

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