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
Previous article
Pure Digital: Joins Leading Trade Association CryptoUK
Next article
Mambu: Wins contract with DigiBankAsia for new digital bank Uno
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.

You May Also Like

FinTech

Italy Fines Revolut €1.15M for Regulatory Violations

Revolut faces penalties due to non-compliance with Italian financial regulations.Highlights: Italy fines Revolut €1.15 million for regulatory breaches.The...
FinTech

DeFi Platform Drift Suspends Withdrawals After Crypto Hack

Drift takes precautionary measures following security breach affecting user funds.Highlights: Drift has suspended all deposits and withdrawals after...
FinTech

Cross River Bank Raises $50 Million to Accelerate Growth

The funding will enhance Cross River Bank's financial technology services.Highlights: Cross River Bank has raised $50 million in...
FinTech

Kulipa Secures $62M to Enhance Stablecoin Card Issuing Infrastructure

Funding aims to strengthen cryptocurrency card services in the growing fintech market.Highlights: Kulipa raises $62M to enhance its...