Galaxy has successfully completed the fully underwritten pro-rata accelerated non-renounceable entitlement offer and institutional placements to raise ~A$161m. Proceeds will be applied to Sal de Vida Stage 1 and pre-development activities at James Bay to advance it to a construction ready status.
Equity financing provides an enhanced level of certainty to execute and develop Sal de Vida into a tier 1, low – cost lithium brine operation. Galaxy is positioned to meet its previously stated development timeline and confidently proceed into the early works phase which includes procurement of long lead items and pond construction.
With EV demand rising in Europe and North America, developments at James Bay will also be accelerated as these regions seek to localise raw materials supply and/or build-out lithium chemicals capacity.
Galaxy received strong support from both new and existing shareholders in the equity financing, demonstrating recognition of Galaxy’s asset portfolio and its strong potential to contribute supply for the forecast global lithium demand surge.
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