Highlights:
• Galan has received firm commitments to raise A$50.0 million through a twotranche institutional placement priced at A$1.15 per share
• Placement funds will be used to accelerate Galan’s existing Hombre Muerto West, Candelas and Greenbushes South Projects
• Tranche One of the placement will raise A$29.8 million and was well supported by high-quality domestic and offshore institutions
• Tranche Two of the placement, which is subject to Galan shareholder approval, will raise A$20.2 million and was subscribed for by two institutional investors with a track record of successful investment in the natural resources sector. Upon settlement of both tranches of the placement, Galan will have a cash balance of approximately A$65.1 million (before costs).
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has received firm commitments to raise A$50.0 million through a two-tranche placement to institutional, sophisticated and professional investors (Placement).
The Placement provides the Company with significant flexibility with respect to its ongoing capital expenditure requirements at Hombre Muerto West (HMW), Candelas and Greenbushes South. In particular, proceeds from the Placement will be applied to accelerate...
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