From AFR who seem to know more than the rest of us.
May 2, 2019 — 9.32pm Lithium miners caught in M&A wave; who's next?
One way for Galaxy to win back listed equity investors' favour would be to improve the quality of its Australian operations - or at least be seen to be trying.
And one option could be fellow ASX-listed lithium and tantalum producer Alliance Minerals Assets Ltd, the company that gained an ASX-listing last year via a merger with Tawana Resources, which has the highest quality concentrate in the market.
Alliance Minerals just announced record production at its Bald Hill project - and was likely to have just had its first operative cashflow positive quarter. Broker Canaccord - admittedly an Alliance Minerals Assets bull - reckons the company arguably had the best March quarter of any of its lithium peers.
Galaxy could blend the two companies' material - both export through Esperance Port - and already knows the smaller producer well.
Below
A40 anouncement of merger finalised and paid for, it was only 7 days ago.
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A40 - ALLIANCE MINERAL ASSETS LIMITED
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Alliance Mineral Assets Receives Listing and Quotation Notice in Respect of Strategic Placements and Proposed Issue of Shares
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24/05/2019 10:13AM
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Alliance Mineral Assets announced that the Company has received a notice from the Singapore Exchange Securities Trading (SGX-ST) on 23 May 2019 (LQN), in respect of listing and quotation on the Catalist Board of the SGX-ST of up to 168,625,000 new Shares (New Shares) to be issued pursuant to the Institutional Placement, Conditional Placement and as Placement Fee Shares. The Company has also agreed to issue 2,500,000 new FPO shares in the Company at the issue price of A$0.20 per share (Advisor Shares) in lieu of a portion of the financial advisory fee payable to Canaccord Genuity (Australia) (Advisor) relating to the merger between the Company and Tawana Resources, as the Advisor elected to receive part of their fee as Shares. Strategic Placements LQN received, Proposed Share Issue (Requires Adobe Acrobat Reader)
GXY Price at posting:
$1.55 Sentiment: Buy Disclosure: Held
