Galan Lithium

At-The-Market Raise

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has utilised its At-the-Market Subscription Agreement (“ATM”) with Acuity Capital (see announcements on 12 April 2024 and 14 May 2024) to raise $1,100,000 (inclusive of costs) by agreeing to issue 7,050,000 fully paid ordinary GLN.ASX shares to Acuity Capital at an issue price of $0.156 per share.

The 7,050,000 Galan shares will be issued out of the Company’s LR7.1A capacity. The issue price of $0.156 represents a discount of 8.8% to the 15-day VWAP of $0.171 to Friday 12 July 2024 (inclusive).

The funds raised will be put towards the further development of its Hombre Muerto West lithium brine project in Argentina and working capital.

In addition, Galan is pleased to advise that in accordance with Resolution 10 at its General Meeting held on Friday 12 July 2024 it has placed an additional 7,950,000 fully paid ordinary shares to Acuity Capital to top up the shares held as security against the ATM. The shares were issued for nil cash consideration and bring the total number of shares held as security held by Acuity Capital to 15,000,000 (“Collateral Shares”).

Galan has to date utilised the ATM to raise a total of $3,350,000 (see announcement dates above). The remaining standby equity capital available under the ATM is $11,650,000 and the ATM expiry date is 31 January 2029.

Please note there is no requirement on Galan to utilise the ATM and there were no fees or costs associated with the increase in Collateral Shares. The Company may at any time cancel the ATM, including buying back and cancelling the Collateral Shares for nil cash consideration (subject to shareholder approval).


Click here for the full ASX Release

This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

GLN:AU
Galan Lithium

Galan Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Galan Lithium

Galan Lithium


Keep reading...Show less

Developing high-grade lithium brine projects in Argentina

HMW Phase 1 Funding & Offtake Secured with US Based Partner

HMW Phase 1 Funding & Offtake Secured with US Based Partner

Galan Lithium (GLN:AU) has announced HMW Phase 1 Funding & Offtake Secured with US Based Partner

Download the PDF here.

Pursuit Minerals

Pursuit Dispatchs 99.5% Lithium Carbonate Samples to Potential Strategic Partners as Feasibility Studies Progress

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce that high- purity lithium carbonate samples have been dispatched to multiple parties as part of its engagement with prospective offtake and strategic partners. The samples were produced from the Company’s 250tpa Pilot Plant in Salta, Argentina, using synthetic brine chemically identical to that of the Rio Grande Sur Lithium Project.

Keep reading...Show less
Ioneer Ltd

Ore Reserve Quadruples for Rhyolite Ridge Project; Reaffirms Robust Project Economics

Ioneer Ltd (ASX: INR, Nasdaq: IONR) (Ioneer) is pleased to announce a 308% upgrade to the Ore Reserve estimate for its 100%-owned Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or the ‘Project’) in Nevada, USA, alongside updated Project economics.

Keep reading...Show less
Lithium Africa

Lithium Africa

Keep reading...Show less
Galan Lithium

Galan Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×