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Galaxy Resources Provides Retail Entitlement Offer - Letter to Eligible Shareholders

01 Dec 2020  |  17:15:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Retail Entitlement Offer - Letter to Eligible Shareholders

Galaxy Resources provided letter to shareholders stating a fully underwritten equity financing to raise $161m (Equity Financing) by way of an institutional placement to raise $111m (Placement); and a 1 for 14 pro-rata accelerated non-renounceable entitlement offer to raise $50m (Entitlement Offer). The Company updated that the Retail Entitlement Offer opens on 1 December 2020 and closes on 10 December 2020 with a record date of 27 November 2020. As reported, the funds raised would be used to the Sal de Vida capital program, to enable the Company to meet the scheduled first production in late 2022; progress James Bay to construction ready status by the end of 2021; and to pay transaction costs associated with the Equity Financing.

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