Ann: Galan Completes A$50m Institutional Placement, page-14

Have read through the announcement, the raise was mainly subscribed by institutions, it did open to sophisticated (my apology), but still probably very small portion. Also second tranche of $20m are just subscribed by 2 institutional investors.


• Tranche One of the placement will raise A$29.8 million and was well supported by high-quality domestic and offshore institutions (Under Tranche One of the Placement, the Company will issue approximately 25.9 million new fully paid ordinary shares in the Company at A$1.15 per share (New Shares), raising a total of A$29.8 million before costs, to institutional, sophisticated and professional investors (Tranche One Placement). )
• Tranche Two of the placement, which is subject to Galan shareholder approval, will raise A$20.2 million and was subscribed for by two institutional investors with a track record of successful investment in the natural resources sector

“We are delighted to announce the completion of the Placement which has enabled us to introduce a number of high quality institutions to Galan’s register." JP