Galaxy Resources

A$120m Share Placement

May 2011

On 14 April 2011, Galaxy announced it had raised A$120 million through a two tranche share placement of 109.1 million shares at A$1.10 per share to institutional clients and sophisticated investors.

As a result of the delay to the Hong Kong listing, Galaxy undertook this interim capital raising to fund:

  • ongoing commissioning and ramp up of Mt Cattlin Mine operations in WA
  • commissioning and ramp up of Jiangsu Lithium Carbonate Plant in China
  • debt reduction
  • working capital

The issue was substantially oversubscribed with interest coming from high quality institutional investors from Australia, Europe, Asia and the US.

Azure was appointed joint lead manager to the placement along with Morgan Stanley and Helmsec Global Capital.