GL1 and GLN dives >10% and 4% respectively as lithium woes...

GL1 and GLN dives >10% and 4% respectively as lithium woes continue.

GLOBAL LITHIUM CORPORATE UPDATE

Global Lithium Resources Limited (ASX: GL1, “Global Lithium” or “the Company” advises that it is implementing significant corporate and operational changes considering the current and likely protracted downturn in the global lithium market.

The Company’s budgets and operations have been under constant review by the Board for some time, with protection of the balance sheet and capital assets uppermost in mind. As a result of the latest review, the Board has resolved to implement several material changes to the Company’s corporate structure and operations, including:

• An immediate pause on several components of work in relation to the Definitive Feasibility Study (“DFS” for the Company’s 100% owned Manna Lithium Project (“Manna”);
• A material reduction in monthly expenditure on all corporate overheads and operational spending; and • A reduction in the Board size from four to three to be implemented at the Annual General Meeting (“AGM” in November, at least for the duration of the current lithium downturn and until there is greater certainty in lithium market forecasts.


Galan Lithium (GLN)

Up to ~A$25 Million Capital Raise to Support Full Funding of HMW Phase 1 ______________________________________________________________
Highlights:
 Galan has received firm commitments to raise A$12 million via a placement at A$0.105 per share (Placement)
 Galan launches up to A$13.3 million 1 for 4 non-renounceable entitlement offer (Entitlement Offer) at the same price as the Placement
 Offtake partner Chemphys to subscribe for US$3 million (A$4.5 million) under the Placement, subject to completion of definitive agreements
 Proceeds of the capital raising together with the planned Chemphys Offtake Prepayment are expected to fund Galan into production
 Funds will be used for further development of HMW, corporate overheads and working capita