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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Galan Lithium Limited: A$20 million Placement to Strategic Partner

Galan Lithium Limited: A$20 million Placement to Strategic Partner

 
 

Galan Lithium Limited (ASX:GLN) ( Galan or the Company ) is pleased to announce it has secured a binding commitment for a A$20 million placement ( Placement ) at A$0.11 per share, a 21% premium to the last closing price of A$0.091 as at 19 June 2025 from an existing shareholder, The Clean Elements Fund ( Clean Elements ). Additionally, Clean Elements will receive one unlisted option for every two shares issued under the Placement, with an exercise price of A$0.15 per option and an expiry date that is three years from the date of issue.

 

The Placement is subject to Clean Elements' satisfactory completion of due diligence over a period not longer than 77 days. Full completion of the Placement will require shareholder approval which will be sought at a Galan general meeting, expected to be held in early September 2025 .

 

 

News Provided by PR Newswire via QuoteMedia

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