Completes A$50m Institutional Placement
Galan Lithium Limited (ASX: GLN) has received firm commitments to raise A$50.0 million through a two-tranche placement to institutional, sophisticated and professional investors.
The Placement provides the company with significant flexibility with respect to its ongoing capital expenditure requirements at Hombre Muerto West (HMW), Candelas and Greenbushes South. In particular, proceeds from the Placement will be applied to accelerate:
- Drilling activities at HMW to establish well fields for production and convert existing Resources to Reserves;
- Drilling activities at Candelas to convert existing Resources to Reserves;
- Ongoing exploration activities at Galan’s projects at HMW, Candelas and Greenbushes South; Completion of feasibility studies at HWM and Candelas; and
- General working capital
Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Placement.
“We are delighted to announce the completion of the Placement which has enabled us to introduce a number of high-quality institutions to Galan’s register,” Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, said.
“This represents a significant milestone in the history of the Company and the recognition from these leading investors provides significant external validation for Galan’s extensive portfolio of strategic lithium projects.
“I would like to thank all new and existing shareholders for their ongoing support and look forward to accelerating the development of Galan’s projects at a particularly exciting time for the industry”
Havelock Mining Investments remains a supportive and substantial shareholder of Galan. Havelock extends its congratulations on a successful capital raising.
For further information please visit: https://www.galanlithium.com.au