- Galan Lithium (GLN) has placed its shares in a trading halt ahead of an upcoming capital raise
- The trading halt is set to be lifted on or before January 27 when a formal announcement regarding the raise is made to the market
- While the explorer has not indicated how it plans to utilise the funds, the news comes as GLN gears up to commence work at its Greenbushes South Lithium Project
- Prior to the trading halt, Galan Lithium shares last traded at 51.5 cents each
Galan Lithium (GLN) has placed its shares in a trading halt while it prepares for an upcoming capital raise.
The lithium explorer advised the market its shares would remain in a trading halt until a formal announcement regarding the raise had been announced.
According to a statement from Galan, its securities will be lifted from the trading halt on January 27, or when it discloses the details of the capital raise, whichever comes earlier.
At this stage, the company has not indicated how much it is seeking and how it would spend proceeds from the raise.
The announcement comes just a day after the explorer announced it was formulating a work program at its 80 per cent owned Greenbushes South Lithium Project in Western Australia.
The explorer says the planned fieldwork programme is set to kick off in the coming weeks and is expected to entail mapping, rock chip and soil sampling.
The project sits approximately three kilometres south of the mine and is considered to have a low level of exploration maturity, with no available lithium drilling results.
Should fundraising activities go ahead, it will mark GLN’s first capital raise of 2021.
Prior to the trading halt, Galan Lithium shares last traded at 51.5 cents each.