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Main ForumGalaxy Australia's only current ASX listed Lithium Miner gets funds

  • Very few people know that Australia has only on ASX listed miner currently mining Lithium (www.australian-lithium.com and just how well placed Galaxy: ASX Code: GXY) is placed to become the region's dominant supplier of hard rock Spodumene derived Lithium and its processed form of Lithium Carbonate. - China's preferred form of Lithium.
    ( Read the posts below re GXY..). but in essence GXY's Lithium Carbonate can approach 99.9% purity and thus allows for very powerful, long lasting batteries. Further Chinese manufacturers are used to working with Spodumene based lithium as opposed to brine lake derived Lithium.

    Today's news of extra money to fund GXY's progression is thus to be welcomed....

    Highlights
    • Indicative, non-binding term sheet signed for A$30 million in a Convertible Note
    • Funding to ramp up production at Mt Cattlin and development of Jiangsu
    • Introduces a strategic Chinese investor and strengthens capital base

    Emerging lithium producer, Galaxy Resources Limited (ASX:GXY) is pleased to announce that it has agreed in principle to issue A$30 million in a convertible note to a strategic China based investor.

    An indicative non-binding term sheet has been signed which is subject to final documentation, and the approval of Galaxy’s Board, senior lenders and other stakeholders.

    Galaxy Resources Managing Director, Iggy Tan said: "Proceeds of the issue will be used for additional working capital and the ramp up of its Mt Cattlin and Jiangsu projects. Further details of the final terms, including the details of the investor, will be provided once final and binding transaction documents have been executed."

    Hong Kong Listing The Company is aware of several media reports regarding the potential for Galaxy listing on the Stock Exchange of Hong Kong (the SEHK). The Company confirms that it is evaluating the possibility of dual listing on the SEHK and, together with its advisors, is currently undertaking the preparatory work necessary to submit a listing application.

    Mr Tan said that: a listing in Hong Kong could provide an outstanding platform for growth and position Galaxy as one of the largest lithium carbonate producers in the Asia Pacific region.

    “A Hong Kong listing could represent the beginning of another exciting growth phase for the Company with potential to deliver value for existing and new Galaxy shareholders,” he said.

    “However, at this stage, no decision has been made by the Board to proceed with a listing in Hong Kong and thus to submit the listing application.” “If submitted, Galaxy will inform the market at the appropriate time and the listing application will be subject to the approval of the SEHK”.

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