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Economy

At-The-Market Raise

Galan Lithium Limited (ASX:GLN) (“Galan” or “the Company”) is pleased to announce that it has utilised the At-the-Market Subscription Agreement (“ATM”) with Acuity Capital (see announcement dated 12 April 2024) to raise $2,250,000 (inclusive of costs) through the set-off of 7,950,000 Galan collateral shares previously issued to Acuity Capital under the ATM (“Set-off Shares”).

The Set-off Shares reduce the 15,000,000 Galan collateral shares that Acuity Capital is otherwise required to return to the Company upon termination or maturity of the ATM.

The Set-off Shares have a deemed price of $0.283 per share, being a 5.7% discount to the last close price of $0.30 on 14 May 2024.

The funds raised will be put towards the further development of the Hombre Muerto West lithium brine project in Argentina and working capital.

Click here for the full ASX Release

This post appeared first on investingnews.com

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