Galan Lithium Secures AU$40 Million Through Share Placement; Shares Fall 13%

MT Newswires Live

01/29

Galan Lithium (ASX:GLN) secured firm commitments to raise AU$40 million through an institutional placement at AU$0.41 per share, representing a 6% premium to the stock's 15-day volume-weighted average price, according to a Thursday filing with the Australian bourse.

The company directors also committed to invest an additional AU$1 million on the same terms, pending shareholder approval, per the filing.

The equity raising will occur in two tranches, issuing around 86.6 million new shares to institutional investors in tranche one and 13.4 million to Clean Elements Fund and the company directors in tranche two, subject to shareholder approval, the filing said.

The proceeds will be used to increase production at Hombre Muerto West in Argentina, support exploration at Greenbushes South in Western Australia, and provide working capital, the filing added.

The company's shares fell around 13% in recent Thursday trade.

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