- Galan Lithium (GLN) has received firm commitments to raise $3 million, to advance its Hombre Muerto West Lithium project in Argentina
- Funds will be used for scoping and pre-feasibility studies, as well as lab testing to support the development of a high-grade lithium concentrate or lithium carbonate
- Under the placement around 23 million shares will be issued at 13 cents, representing a 12.8 per cent discount to the five-day volume weighted average price
- Shares in the company have been trading 1.66 per cent lower, for 14.7 cents.
Galan Lithium (GLN) has received firm commitments to raise $3 million, to advance its Hombre Muerto West Lithium project in Argentina.
Funds from the placement will be used for scoping and pre-feasibility studies, as well as lab testing to support the development of a high-grade lithium concentrate or lithium carbonate.
Under the placement around 23 million shares will be issued at 13 cents, representing a 12.8 per cent discount to the five-day volume weighted average price.
The placement was strongly supported by domestic and international investors, which resulted in bids over the original placement goal by 50 per cent.
Galan Lithium’s managing director Juan Pablo Vargas de le Vega said he was pleased with the support received for the placement.
“This placement enables us to further strengthen our share register and our balance sheet, which will enable Galan to continue to execute its Hombre Muerto West development strategy with vigour and unencumbered,” he said.
“We are delighted with the strong support received from existing shareholders and several new sophisticated institutional investors.”
Shares in the company have been trading 1.66 per cent lower, for 14.7 cents.