- 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
