Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to advise that it has received proceeds from Latam Resources Pty Limited (Latam), an Affiliate of Chengdu Chemphys Chemical Industry Co., Ltd (Chemphys) in relation to the share placement (Placement) announced by the Company on 10 September 2024 and subsequently approved by shareholders at the Galan Annual General Meeting held on 15 November 2024. Chemphys agreed to subscribe for US$3 million worth of shares under the terms of the Placement.
Funds received from Latam will be applied by Galan towards ongoing Phase 1 operations at Hombre Muerto West (HMW), as parties continue to work towards finalising an offtake prepayment facility targeted financial close during the first quarter of 2025.
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