{"id":9786,"date":"2024-05-20T05:12:11","date_gmt":"2024-05-20T05:12:11","guid":{"rendered":"https:\/\/economicherald.net\/?p=9786"},"modified":"2024-05-20T05:12:11","modified_gmt":"2024-05-20T05:12:11","slug":"galan-raises-14m-for-development-of-hombre-muerto-west-lithium-brine-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9786","title":{"rendered":"Galan raises $14m for development of Hombre Muerto West lithium brine project"},"content":{"rendered":"<p>Galan Lithium has received firm commitments for an equity raising of $14m<br \/>\nThe placement was oversubscribed with strong support from offshore and domestic investors<br \/>\nThe equity raising will provide working capital headroom and financial flexibility for the ongoing development of HMW lithium project<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special report:<\/em> Strong support has been received from offshore and domestic institutional and sophisticated investors for Galan\u2019s $14m oversubscribed placement with funds to be used for development at the Hombre Muerto West project. <\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/galan-lithium-gln\/\">Galan Lithium\u2019s (ASX:GLN)<\/a> flagship Hombre Muerto West (HMW) lithium-brine project in Argentina is one its way to full Phase 1 production with four brine ponds filled to extract its nameplate capacity of 5,400tpa lithium carbonate equivalent (LCE).<\/p>\n<p>That\u2019s part of a four-phase development which, when completed, will produce 60,000tpa LCE.<\/p>\n<p>The company signed a landmark commercialisation agreement with the Catamarca provincial government to allow the sale of LCE concentrate to both domestic and international customers, signalling a sea change in Argentina\u2019s approach to foreign investment.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Fast-tracking development <\/strong><\/h2>\n<p>GLN has now raised $14m at $0.23 per share to fast-track remaining development activities at HMW.<\/p>\n<p>The company will issue 56,521,740 fully paid ordinary shares with the issue price representing a 20.7% discount to the last closing price of $0.29 on 15 May 2024 and a 23.8% discount to the 10-day VWAP of A$0.3018 as at the same date.<\/p>\n<p>New Options will be issued subject to shareholder approval at a general meeting in early to mid-July.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Putting investor funds to work <\/strong><\/h2>\n<p>\u201cWe are delighted with the support for the placement and welcome a number of new investors to the register,\u201d GLN managing director Juan Pablo (JP) Vargas de la Vega says.<\/p>\n<p>\u201cIn addition, on behalf of the board, I would like to thank our shareholders for their ongoing support.<\/p>\n<p>\u201cWe look forward to putting investors funds to work.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>600,000m2 of evaporation area already built <\/strong><\/h2>\n<p>GLN\u2019s HMW asset holds a 7.9Mt LCE at 883mg\/l Li resource in Argentina\u2019s slice of South America\u2019s Lithium Triangle.<\/p>\n<p>The area is also home to major lithium brine operations such as\u00a0<a href=\"https:\/\/stockhead.com.au\/company\/arcadium-lithium-ltm\/\"><strong>Arcadium\u2019s (ASX:LTM)<\/strong><\/a>\u00a0established El Fenix and Sal de Vida and Korean giant POSCO\u2019s Sal de Oro lithium projects.<\/p>\n<p>\u00a0<\/p>\n<p>Pond evaporation and construction at Hombre Muerto West. Pic: Galan Lithium<\/p>\n<p>\u00a0<\/p>\n<p>Roughly 600,000m2 of the evaporation area has been built and is sufficient enough to produce ~2400tpa LCE, and based on brine flow rates and Li grades, HMW remains on track to start production in H1 2025.<\/p>\n<p>The lithium developer is also analysing options to reduce capex through lowering construction costs and rental options for energy supply and using independent smaller control systems for its facilities.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Galan Lithium, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/galan-raises-14m-for-development-of-hombre-muerto-west-lithium-brine-project\/\">Galan raises $14m for development of Hombre Muerto West lithium brine project<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Galan Lithium has received firm commitments for an equity raising of $14m The placement was oversubscribed with strong support from offshore and domestic investors The <a href=\"https:\/\/economicherald.net\/?p=9786\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9787,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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