Galaxy Resources Ltd
(ASX:GXY) has raised $91.5 million to ramp-up its projects in Western Australia and China. The emerging lithium producer says it has raised the funds through $61.5 million in unlisted convertible bonds and a $30 million equity placement.
Galaxy will use the proceeds to strengthen its capital base as well as fund the potential acquisition of other lithium-related projects.
Last week Galaxy announced it has applied for a dual listing of its shares on the Hong Kong Stock Exchange, in a move to establish a strategic Asian footprint and fund growth through the listing.
Managing Director Iggy Tan says Galaxy has the potential to be one of the first vertically integrated lithium resource, chemical and battery producers in the world.
Adding that Galaxy is actively seeking opportunities to invest in other lithium battery companies to meet this target.
Galaxy Resources reported a $9.61 million net loss for the six months to the 30 June 2010.
