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Source: http://www.copyright link/street-talk/canaccord-kicks-off-galaxy-resources-placement-20170206-gu6bi4
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STREET TALK Feb 7 2017 at 8:16 AM
Canaccord kicks off Galaxy Resources placement
by Sarah Thompson Anthony Macdonald Joyce Moullakis
Broker Canaccord Genuity has called on investors to participate in Galaxy
Resources' $54 million placement.
According to terms sent to potential investors, Canaccord was seeking bids at 54¢ per
share which was a 9.2 per cent discount to the last close and a 13.7 per cent discount to
the 15 day volume weighted average price.
Canaccord was seeking bids by 3pm Tuesday.
Proceeds were to "strengthen the balance sheet and provide funding flexibility to
accelerate the development of the Sal de Vida and James Bay projects" and working
capital, according to the terms.
This column on Monday revealed that Canaccord was leading Galaxy into meetings
with selected institutional investors ahead of an equity raising.
Galaxy has been considering ways to
fund its Sal de Vida project in Argentina,
which is 100 per cent owned by the
ASX-listed lithium play.
Galaxy announced on Monday that it had
put together a team to develop the South
American project, with site works
expected to get underway in coming weeks.
