Galan Lithium Limited (ASX:GLN) (“Galan” or “the Company”) is pleased to announce that it has utilised the At-the-Market Subscription Agreement (“ATM”) with Acuity Capital (see announcement dated 12 April 2024) to raise $2,250,000 (inclusive of costs) through the set-off of 7,950,000 Galan collateral shares previously issued to Acuity Capital under the ATM (“Set-off Shares”).
The Set-off Shares reduce the 15,000,000 Galan collateral shares that Acuity Capital is otherwise required to return to the Company upon termination or maturity of the ATM.
The Set-off Shares have a deemed price of $0.283 per share, being a 5.7% discount to the last close price of $0.30 on 14 May 2024.
The funds raised will be put towards the further development of the Hombre Muerto West lithium brine project in Argentina and working capital.
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