Galaxy Resources Limited Updates Trading Halt Status

Galaxy Resources Limited (ASX:GXY) announced that it has extended its request for a trading halt.

As quoted in the press release:

As announced to ASX throughout the past two months, Galaxy has managed to partially progress the overall balance sheet re-structure having achieved some positive milestones including:
securing a bridging loan facility of $5 million with Deutsche Bank;
restructuring convertible bonds for Galaxy to pre-pay bonds on the basis of half cash/half shares plus options, on the same basis as the Rights Issue;
securing a $5 million subordinated short term loan facility and major shareholder commitments to participate in the Rights Issue shortfall; and
closing the Rights Issue with subscriptions from shareholders for entitlements representing approximately $14.68 million.

To view the whole press release, click here.