Galan Lithium Receives AU$10 Million via Placement

MT Newswires Live

11/05

Galan Lithium (ASX:GLN) received the final tranche of AU$10 million from the placement of 181.8 million shares to shareholder Clean Elements Fund at an issue price of AU$0.11 per share to raise a total of AU$20 million, according to a Wednesday filing with the Australian bourse.

The placement also includes one unlisted option per two shares subscribed, exercisable at AU$0.15 and expiring three years from issue.

The proceeds will fund the construction of Phase 1 of the company's Hombre Muerto West lithium brine project in Argentina, the filing said.

Shares of the company fell 7% at market close.

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