At this stage most would be happy to walk away from this train wreck at $1.
To get there we would need someone to offer $450M AUD for HMW. Not unrealistic given that Posco bought Galaxy's northern HM tenements with 2.5Mt without much work on them in 2018 for $280M USD.
However, Galaxy appointed an advisor to assist with the sale process. JP thinks he can do it all himself with Terry.
ANN: SALE OF ARGENTINE ASSETS
"Galan is pleased to announce the sale of Hombre Muerto and Candelas to international mining company Glencore Plc for $80M USD." Commenting on the transaction CEO JP Vargas says "Given the tough market conditions and the extreme negative sentiment, we are pleased to achieve such a good sale price, which represents a 25% premium to our share price. The price is a testatment to the quality of our team, and our robust negotiating skills. We believe we are selling these assets exactly at the right time, before lithium market sentiment improves and Argentina's economy turns a corner"
"The Board will pay a discretionary bonus of $5M to each of the directors on completion of the transaction. Net proceeds of the transaction will be invested between TG6, RDS, MAN, Saturday Night Powerball and new IPO Phoenix Lithium, to be Chaired by Terry Gardiner. Concurrent to the transaction, a discounted rights issue 2 for 1 will raise funds to be put towards drilling at Greenbushes South and marketing at upcoming investor roadshows in Noosa, Gold Coast and Las Vegas."
GLN Price at posting:
22.5¢ Sentiment: Hold Disclosure: Held
(20min delay)