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- Galan Lithium (GLN) has entered a trading halt as it gets ready to announce a new capital raising venture
- The company will release the details of the raise no later than Monday, October 12, the last day the trading halt is in effect
- Galan ended the 2020 financial year with a $3.6 million comprehensive loss
- It also had around $1.6 million in the bank at the end of FY20, slightly down on the $2.6 million it had at the end of FY19
- Shares in Galan Lithium last traded for 15 cents each
Mineral exploration company Galan Lithium (GLN) has entered a trading halt as it gets ready to announce a new capital raising venture.
In a statement to the ASX, the company said it will release the details of the raise no later than Monday, October 12, the last day the trading halt remains in effect.
Galan recently released its annual report for the 2020 financial year, showing the company ended the year with an almost $3.6 million comprehensive loss.
The exploration stock burnt through $1.7 million on operating expenses over the same period and $4.2 million on investing activities, such as exploration work.
At the end of FY20, Galan had around $1.6 million in the bank, slightly down on the $2.6 million it had at the end of FY19.
The company is primarily focused on its lithium brine assets located within the South American Lithium Triangle in Argentina, including the Candelas and Hombre Muerto West projects.
Shares in Galan Lithium last traded for 15 cents each on October 7.
