Article 13/8/21

Galan Lithium (ASX: GLN) will have plenty of cash in the bank to fund accelerated development of its lithium projects in Argentina’s lithium triangle and Western Australia after it received firm commitments to raise $50 million.

The company will raise the $50 million via a two-tranche institutional placement with the first tranche to bring in $29.8 million and the second $20.2 million.

Shares will be issued through both tranches at $1.15 each, which represents a 10.2% discount to the company’s last closing price of $1.28 on 11 August.

High-quality domestic and offshore institutions were part of the first tranche, with two institutional investors supporting the second tranche.

Galan managing director Juan Pablo Vargas de la Vega said the company was “delighted” to complete the placement, which introduced a number of “high-quality institutions” to its register.

“This represents a significant milestone in the history of the company and the recognition of these leading investors provides significant external validation for Galan’s extensive portfolio of strategic lithium projects,” he added.

Announcement, Galan Completes A$50mill Institutional Placement

( GLN 1st Tranche of shares ASX quotation 20/8/21 Then 2nd Tranche subject to shareholder approval Late September 2021)

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