THE BOURSE WHISPERER: Galan Lithium (ASX: GLN) announced it has received commitments via a share placement to professional and sophisticated investors to raise gross proceeds of $4 million.
Galan Lithium said the placement received strong support from a range of sophisticated and institutional investors from Australia and North America.
Approximately 14.5 million shares will be issued under the placement at an issue price of 27.5 cents per share.
The company indicated the funds raised will enable it 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 Lithium managing director Juan Pablo (JP) Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.
“We have achieved positive results to date, which we plan to expand through well planned exploration activities.”