Private placement proceeds to ramp up Mount Cattlin, Jiangsu projects
By Devika Patel
Knoxville, Tenn., Oct. 4 - Galaxy Resources Ltd. said it agreed in principle to issue a A$30 million convertible note to a China-based investor.
An indicative non-binding term sheet has been signed, which is subject to final documentation and approval.
Proceeds will be used for additional working capital and the ramp-up of the company's Mount Cattlin and Jiangsu projects, managing director Iggy Tan said in a press release.
Based in Perth, Western Australia, Galaxy Resources is a mineral exploration company.
| Issuer: | Galaxy Resources Ltd.
|
| Issue: | Convertible note
|
| Amount: | A$30 million
|
| Warrants: | No
|
| Announcement date: | Oct. 4
|
| Stock symbol: | Australia: GXY
|
| Stock price: | A$1.39 at close Oct. 4
|
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