by Sarah Thompson Anthony Macdonald Joyce Moullakis Broker...

• 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.


Read more: http://www.copyright link/street-ta...urces-placement-20170206-gu6bi4#ixzz4XwuwNJzc
Follow us: @FinancialReview on Twitter | financialreview on Facebook


TIP: USE THE INCOGNITO BROWSER