Australian-based global lithium company Galaxy Resources Limited
(ASX:GXY) says it intends to raise $81 million via a share placement to two cornerstone investors.
UK fund Manager M &G Investments and Chinese based and state owned East China Mineral Exploration & Development Bureau will take up the offer.
The proceeds will be used to reduce debt, complete a definitive feasibility study for its lithium and potash brine project in Argentina as well as provide additional working capital.
Galaxy’s chief says the two strategic investors were prepared to invest at a slight premium to market.
Galaxy has been focused on the ramp up of its Jiangsu Lithium Carbonate Plant in China.
In the 2012 financial year Galaxy Resources recorded a net loss of $49.6 million.
