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- Galan Lithium (GLN) reports it’s fully funded to advance its projects in Argentina and Australia
- Due to the increase in Galan’s market capitalisation which currently sits at $546 million, it’s no longer eligible for the additional 10 per cent placement capacity which is afforded to ASX listed companies with a market cap of up to $300 million
- Additionally, Galan has announced plans to seek shareholder approval for additional capacity to issue shares
- Galan says it will continue advancing its current projects, with a strong focus on the definitive feasibility study at Hombre Muerto West
- Galan Lithium dipped 0.56 per cent, trading at $1.78
Galan Lithium (GLN) has reported it’s fully funded to advance its projects in Argentina and Australia.
Galan has been exploring lithium brines within South America’s Lithium Triangle on the Homre Muertos salar in Argentina and the Greenbushes South Lithium Project in Australia.
Due to the increase in Galan’s market capitalisation, which currently sits at $546 million, it’s no longer eligible for the additional 10 per cent placement capacity that is afforded to ASX listed companies with a market cap of up to $300 million.
Additionally, given the rapidly evolving and increasing activity in the lithium sector, Galan announced plans to seek shareholder approval for additional capacity to issue potential shares.
Galan said it plans to continue rapidly advancing its current projects, with a strong focus on the definitive feasibility study (DFS) at Hombre Muerto West. Drilling is currently underway in readiness for a resource update, along with the construction of its pilot plant.
The engineering work ahead of the DFS has now begun, with Galan’s Managing Director on route to the Hombre Muerto West project site.
Galan Lithium dipped 0.56 per cent, trading at $1.78 at 3:05 pm AEDT.
