They are burning cash at $25m per quarter building these ponds, so they must have used their remaiming cash already. I don't know if they have to announce every time they draw down on the ATM or not. It doen't particularly matter. Galan is scheduled to be bankrupt by the end of this quarter if they don't find more money from somewhere. In any case I expect their contractors will stop working within weeks If they don't believe the company any money left to pay them.
This is one of the best lithium development projects in the sector whch has been completely mis-managed financially. I have never seen anything like it. What company in the middle of construction posts that they obly have 0.4 of a quarter funding left!
Glencore obviously think they have got them by the balls and are just drumming their fingers waiting for the company to go into distress. At which point we will discover their "binding agreement" is not binding at all.
They are burning cash at $25m per quarter building these ponds,...
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Mkt cap ! $90.04M | |||
| Open | High | Low | Value | Volume |
| 19.0¢ | 19.5¢ | 19.0¢ | $534.9K | 2.793M |
Buyers (Bids)
| No. | Vol. | Price($) |
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| 8 | 525942 | 19.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
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| 19.5¢ | 77760 | 2 |
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| Last trade - 16.10pm 14/06/2024 (20 minute delay) ? |
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19.0¢ |
Change
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| Open | High | Low | Volume | ||
| 19.0¢ | 19.5¢ | 19.0¢ | 1073409 | ||
| Last updated 15.47pm 14/06/2024 ? | |||||
| GLN (ASX) Chart |