Galan Lithium Limited Utilizes At-the-Market Subscription Agreement to Raise $600,000
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is excited to announce that it has successfully utilized its At-the-Market Subscription Agreement (ATM) with Acuity Capital to raise $600,000 through the set-off of 4,800,000 Galan collateral shares previously issued to Acuity Capital under the ATM (Set-off Shares).
The issuance of the Set-off Shares reduces the 15,000,000 Galan collateral shares that Acuity Capital is obligated to return to the Company upon termination or maturity of the ATM, providing both parties with a mutually beneficial arrangement.
These Set-off Shares have a deemed price of $0.1250 per share, offering a 7.1% discount to the 15-day VWAP of $0.1346 to 30 August 2024.
The funds raised through this agreement will be allocated towards working capital, ensuring Galan Lithium’s continued growth and development.
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