FundingPayments

Galaxy Resources: Raises $161M for lithium projects

  • Lithium miners Galaxy Resources (GXY) is looking to raise $161 million to fund lithium projects in Argentina and Canada
  • The company is allowing shareholders to purchase one new share for every 14 existing shares held for $1.70 each, representing a 15 per cent discount to its last trading price
  • Funds from the offer will used to develop the Sal de Vida lithium brine project in Argentina and James Bay project in Canada
  • Following a successful entitlement offer, Galaxy will have a balance sheet of US$219 million (nearly A$300 million)
  • Galaxy entered a trading halt this morning ahead of this announcement and expected to commence trading again tomorrow, November 26
  • Company shares last traded at $2 each on November 24
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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