Perth, Australia – 15 July 2024 | Galan Lithium Limited (ASX: GLN) is pleased to announce that it has successfully raised $1,100,000 through its At-the-Market Subscription Agreement ("ATM") with Acuity Capital. This funding will be directed towards the further development of its Hombre Muerto West lithium brine project in Argentina and for working capital purposes.
Key Highlights:
- Successful Fundraising: Galan has utilised its ATM with Acuity Capital to raise $1,100,000 by issuing 7,050,000 fully paid ordinary shares at an issue price of $0.156 per share.
- Strategic Development Funding: The funds will support the ongoing development of the Hombre Muerto West lithium brine project, which is a cornerstone of Galan's growth strategy.
- ATM Details: The ATM facility, established with Acuity Capital, provides Galan with a flexible and efficient funding mechanism, enabling the Company to raise capital as needed.
- Share Issuance: The 7,050,000 shares issued under the ATM will be from the Company’s LR7.1A capacity, at an 8.8% discount to the 15-day VWAP of $0.171 as of 12 July 2024.
- Additional Share Placement: In accordance with Resolution 10 from the General Meeting on 12 July 2024, an additional 7,950,000 fully paid ordinary shares were issued to Acuity Capital to top up shares held as security against the ATM. These shares were issued for nil cash consideration, bringing the total collateral shares to 15,000,000.
Galan has to date utilised the ATM to raise a total of $3,350,000. The remaining standby equity capital available under the ATM is $11,650,000 and the ATM expiry date is 31 January 2029.
Please note there is no requirement on Galan to utilise the ATM and there were no fees or costs associated with the increase in Collateral Shares. The Company may at any time cancel the ATM, including buying back and cancelling the Collateral Shares for nil cash consideration (subject to shareholder approval).
For more information, visit Galan Lithium.
Mike Robbins
Company Secretary
Tel: +61 8 9214 2150
Email: [email protected]
About us:
About Galan Lithium Limited:
Galan Lithium Limited (ASX:GLN) is an ASX-listed lithium exploration and development company. Galan’s flagship assets comprise two 100% owned, world-class lithium brine projects, Hombre Muerto West (HMW) and Candelas, located on the Hombre Muerto salar in Argentina, within South America’s ‘lithium triangle’. HMW is proven to host lithium brine deposition of the highest grade and lowest impurity levels within Argentina. It is home to the established El Fenix lithium operations (Livent Corporation) and Sal de Vida (Allkem) and Sal de Oro (POSCO) lithium projects. Galan is also exploring at its 100% owned Greenbushes South lithium project in Western Australia, located approximately 3km south of the Tier 1 Greenbushes Lithium Mine.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]