ASX:GLN

Galan Completes A$50 million Institutional Placement to Accelerate Development of its Strategic Lithium Projects

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has received firm commitments to raise A$50.0 million through a two-tranche placement to institutional, sophisticated and professional investors (Placement).

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;
  • General working capital

Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Placement.


Highlights:

  • Galan has received firm commitments to raise A$50.0 million through a two- tranche institutional placement priced at A$1.15 per share
  • Placement funds will be used to accelerate Galan's existing Hombre Muerto West, Candelas and Greenbushes South Projects
  • Tranche One of the placement will raise A$29.8 million and was well supported by high-quality domestic and offshore institutions
  • Tranche Two of the placement, which is subject to Galan shareholder approval, will raise A$20.2 million and was subscribed for by two institutional investors with a track record of successful investment in the natural resources sector

Upon settlement of both tranches of the placement, Galan will have a cash balance of approximately A$65.1 million (before costs)

Click here for the full ASX Release

GLN:AU
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Galan Lithium

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About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly known as Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-corporation-to-present-at-the-bmo-33rd-global-metals-mining--critical-minerals-conference-302065407.html

SOURCE Albemarle Corporation

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