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Main ForumGXY almost doubles cash reserves

  • Galaxy Resources Limited (ASX: GXY) has been advised by AIM listed Creat Resources Holdings Limited (CRHL) that it has now received A$26 million from its majority shareholder, Creat Group Co Limited (Creat Group), to complete the remaining Galaxy placement subscription. The funds have been deposited into an escrow account established by CRHL and Galaxy. Subject to final approval from CRHL shareholders at an AGM to be held on 28 April, the placement shares will be issued to CRHL allowing Galaxy unconditional access to the funds.

    Galaxy’s current cash balance is approximately A$47 million and the additional placement funds will increase cash reserves to A$73 million.

    Galaxy is Australia's only currently listed Lithium play that is mining.

    To read more about Australian Lithium please visit Australian-Lithium.com

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