ASX-listed Galan Lithium has received commitments for an equity raising of A$14-million at A$0.24 a share.
The capital raise will provide working capital headroom and financial flexibility for the ongoing development of the Hombre Muerto West (HMW) Phase 1 construction, while alternative funding solutions are being sought.
“We are delighted with the support for the placement and welcome a number of new investors to the register. In addition, on behalf of the board of directors, I would like to thank our shareholders for their ongoing support,” said MD JP Vargas de la Vega.
Phase 1 of the HMW project, in Argentina, will be an initial 5 367 t/y lithium carbonate-equivalent operation, targeting a high-quality, 6% concentrated lithium chloride product.
Phase 2 will target a 20 000 t/y production rate.