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Galaxy Resources Ltd Announces Launch Of Rights Issue Prospectus


Monday, 27 May 2013 03:23am EDT 

Galaxy Resources Ltd announced that the Company has launched a $46.7 million capital raising by way of a one for one non-renounceable pro rata offer to eligible shareholders (Offer). The Offer will involve the issue to eligible shareholders of up to approximately 584,355,501 new ordinary shares (New Shares) on the basis of one New Share for every one existing share held at the record date, and up to approximately 876,533,252 free attaching new options (New Options) on the basis of three New Options for every two New Shares subscribed for, to raise up to approximately $46.7 million (before costs of the Offer). The New Shares offered under the Offer are to be issued at a price of $0.08 per New Share which represents an approximate 65% discount to the closing price of Galaxy shares on April 24, 2013, being the day the Company’s shares last traded on ASX before announcement of the Offer, an approximate 48% discount to the TERP (theoretical ex-rights price) and an approximate 66% discount to Galaxy’s 5 day volume weighted average price on the ASX on April 24, 2013. The minimum subscription under the Offer is $8 million. The Offer is not underwritten. The proceeds of the capital raising will be used for Galaxy’s working capital which includes: corporate working capital (including interest payments); Offer costs; Sal de Vida Lithium and Potash Brine Project costs; and debt reduction. 

Company Quote

0.054
-0.0020 -3.57%
12:07am EDT