- Galan has received firm commitments to raise A$14 million at A$0.23 per share
- Strong support received from offshore and domestic institutional and sophisticated investors, with the Placement oversubscribed
- Funds will be used for the further development of the Hombre Muerto West lithium brine project (HMW) in Argentina, corporate overheads and working capital
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has received firm commitments for an equity raising of A$14 million to institutional, sophisticated and professional investors (Placement) at A$0.23 per share.
The equity raising will provide working capital headroom and financial flexibility for the ongoing development of the Hombre Muerto West (HMW) Phase 1 construction whilst Galan finalises negotiations of alternative funding solutions including debt and prepayment facilities that will enable completion of HMW Phase 1. Proceeds from the Placement will be applied to:
- HMW phase 1 developments costs; and
- Corporate overheads, working capital and transaction costs
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented: “We are delighted with the support for the Placement and welcome a number of new investors to the register. In addition, on behalf of the Board of Directors, I would like to thank our shareholders for their ongoing support."
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
