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Galan Lithium (ASX:GLN) - Managing Director, Juan Pablo Vargas de la Vega
Managing Director, Juan Pablo Vargas de la Vega
Source: The Market Herald
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  • Galan Lithium (GLN) has successfully raised $1.6 million in capital through a two-pronged placement
  • Prong one consisted of a private placement, which was worth $1.25 million, while prong two involved a controlled placement agreement with Acuity Capital, worth $350,000
  • The funds will be spent on further scoping and pre-feasibility studies (PFS) on the Del Condor and Pucara de Salar tenement acquisitions
  • The tenements are both located within South America, and form part of the world’s largest lithium reserve
  • Galan’s share price is trading at 16.5 cents per share, up 6.45 per cent

Mineral exploration company Galan Lithium (GLN) has successfully raised a combined $1.6 million in capital after a two-pronged placement.

Prong one consisted of a $1.25 million private placement, raised via commitments from professional and sophisticated investors, who were offered stock at 14 cents per share.

The same investors were also offered one option for every one share purchased, exercisable at a price of 25 cents per share before March 31, 2022.

Amongst those investors were Luxembourg green energy fund, Thematica
Future Mobility.

Galan also raised $350,000 through an existing controlled placement agreement with Acuity Capital, involving the sale of 2.5 million shares at 14 cents each.

“We appreciate the confidence and support shown by new and existing investors who participated in this fully subscribed fundraising and sincerely welcome Thematica Future Mobility to our register,” said Galan chairman Richard Homsany.

“The success of Galan’s work to significantly increase and upgrade its lithium resource, along with these fund raisings, is evidence of the successful execution of Galan’s robust strategy to progress the development of the Company’s assets,” Richard added.

The capital raised will focus on continuing the company’s scoping and PFS studies to finalise the Del Condor and Pucara de Salar tenement acquisitions.

The two tenements are part of Galan’s Hombre Muerto project, which is located within the South American Lithium triangle in Argentina, the worlds largest lithium reserve.

Galan shares are trading at 16.5 cents each, up 6.45 per cent.

GLN by the numbers
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