Argentina-focused Galan Lithium has received strong support from Australian and North American investors for a share placement to raise $4 million.
A total of 14.5 million shares will be issued under the placement at a 27.5c issue price. Shares in Galan were trading this morning at 33c, a 20% premium to the issue price.
Barclay Wells Limited acted as lead manager to the placement whilst Tectonic Advisory Partners (acting through Ecoban Securities Corporation) acted as the North American placement agent.
The funds raised will allow Galan to continue and expand its maiden drilling campaign along the Candelas channel at the Hombre Muerto Lithium project in Argentina, commence initial resource work and for working capital purposes.
We are pleased to have received such strong support from a range of Australian and North American investors, who now join our existing shareholders in aligning themselves to the success we are looking to achieve through our ongoing exploration at the Hombre Muerto Lithium Project,” Galan’s Managing Director, Juan Pablo (“JP”) Vargas de la Vega said.
“We have achieved positive results to date, which we plan to expand through well planned exploration activities.”
The company recently announced highly conductive brines were intercepted in third drillhole, C-03-19, from 280 metres, open at depth. The hole lies ~2.5km southeast of successful maiden drillhole C-01-19 (192m @ 802 mg/l Li).