Connect with us

Hi, what are you looking for?

Investing News

Invitation to Participate in Share Purchase Plan

Galan Lithium Limited (ACN 149 349 646) (Galan or the Company) is pleased to provide details of its Share Purchase Plan (Plan).

In the ASX announcement dated 31 January 2024, entitled “A$19.5m Raising to Fund Ongoing Development of HMW Phase 1”, Galan announced an $18 million placement to institutional, sophisticated and professional investors (Placement) and a share purchase plan offer of $1.5 million to existing Galan shareholders. Under the Placement, Galan was to issue a total of 39,130,435 fully paid ordinary shares in the Company at $0.46 per share along with 39,130,435 free attaching listed options (exercisable at $0.65 with a 5-year exercise period)(Options).

The Company raised $16.5 million (before costs) and issued an initial 35,869,565 fully paid ordinary shares in the Company on 6 February 2024. The issue of the 35,869,565 free attaching Options will follow in due course. Additionally, some of Galan’s directors will be subscribing for up to 3,260,870 fully paid ordinary shares along with up to 3,260,870 free attaching Options on the same terms raising a total of up to $1.5 million (before costs) in a second tranche that will be subject to shareholder approval at a forthcoming general meeting.

The offer under the Plan (Offer) will be on the same terms as the Placement for the issue of up to 3,260,870 Shares at $0.46 per share (Offer Price), along with up to 3,260,870 free attaching Options to raise up to

$1.5m on the terms and conditions (Terms and Conditions) of the Plan enclosed with this letter.

Under the Plan, Eligible Shareholders (defined below) will have the opportunity to purchase up to $30,000 at the Offer Price irrespective of the size of their shareholding and without incurring brokerage or transaction costs. Shares issued under the Plan will have an Offer Price of $0.46 per Share. One free attaching Option will also be issued on the basis of one (1) Option for every one (1) Share subscribed for and issued under the Plan. The Company will make an application to ASX for quotation of the Options.

The offer of Options under the Placement and the Plan will be made under a transaction specific Prospectus which is anticipated to be lodged with ASIC on 23 February 2024 and will be dispatched to Shareholders on 26 February 2024 (Prospectus).

Click here for the full ASX Release

This post appeared first on

You May Also Like

Stock News

SPX Monitoring Purposes: Long SPX 10/27/23 at 4117.37. Gain Since 12/20/22: Over 17%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at 40.78. Last Thursday, we...

Investing News

Global vanadium-producing countries have benefited from infrastructure spending in China in recent years. However, in 2023 and beyond, the market is likely to be...

Investing News

Copper prices have rallied to record highs in recent years on expected demand growth amid a supply deficit. While construction and electrical grids have...

Investing News

Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...