Business
A$40 Million Institutional Placement to Support 30% Expansion of Phase 1 Hombre Muerto West (HMW)
Highlights: Galan has received firm commitments to raise A$40 million (before costs) via an institutional placement at A$0.41 per share, a 2% premium to the 5-day VWAP Directors of the Company have separately committed to subscribe for an additional ...
About this update from Galan Lithium Limited
[{"type":"text","content":"Highlights:","length":11,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Galan has received firm commitments to raise A$40 million (before costs) via an institutional placement at A$0.41 per share, a 2% premium to the 5-day VWAP","length":155,"tagName":"p"}]},{"val":[{"type":"text","content":"Directors of the Company have separately committed to subscribe for an additional A$1 million subject to shareholder approval","length":125,"tagName":"p"}]},{"val":[{"type":"text","content":"Placement was strongly supported by existing substantial shareholder Clean Elements as well as global institutional and sophisticated investors","length":143,"tagName":"p"}]},{"val":[{"type":"text","content":"Proceeds of the capital raising will be used to expand production at HMW from current planned 4 ktpa LCE to 5.2 ktpa LCE, fund exploration activities at Greenbushes South and for working capital","length":194,"tagName":"p"}]},{"val":[{"type":"text","content":"Phase 1 construction works at HMW continue to progress with first production targeted for H1 2026","length":97,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":714,"olType":false},{"type":"text","content":"PERTH, AU / ACCESS Newswire / January 28, 2026 / Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to announce it has received firm commitments from institutional and sophisticated investors, including major shareholder the Clean Elements Fund (Clean Elements) for a placement of A$40 million at an issue price of A$0.41 per share (Institutional Placement). Directors of the Company have also committed to subscribe for an additional $1 million on the same terms as the Institutional Placement, subject to shareholder approval (Director Placement).","length":564,"tagName":"p"},{"type":"text","content":"Together with existing cash reserves, the proceeds from the equity raising will be used to complete Phase 1 construction activities, expand Phase 1 production capacity from 4 ktpa LCE to 5.2 ktpa LCE, undertake exploration activities at Greenbushes South and for working capital purposes.","length":288,"tagName":"p"},{"type":"text","content":"First lithium chloride concentrate production to come out of a current inventory of circa 9,500 t LCE in evaporation ponds remains targeted for 1H 2026.","length":152,"tagName":"p"},{"type":"text","content":"...