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Australian miner Galaxy raises US$58 mln in capital raising

PERTH, Oct 7, 2009 (Asia In Focus via COMTEX) --

Company: Galaxy Resources Ltd (GALXF)

GALAXY RESOURCES LTD (ASX:GXY) has raised A$65 million (US$57.88 million) via a discounted institutional capital raising as part of its funding for the Mt Cattlin lithium mine soon to be developed in Western Australia and Jiangsu lithium carbonate project in China. Shares in Galaxy rose 9.5 cents, or 5.43 per cent, to A$1.845 at 1555 AEDT.

* The Perth-based company will place 51 million shares to sophisticated and institutional investors at $1.28 each.

* Managing director Iggy Tan said there was strong Australian and international institutional investor support for the capital raising, which was almost three times oversubscribed, reflecting positive sentiment towards the lithium market.

Copyright (C) 2009 Asia in Focus. All rights reserved

News Provided by COMTEX

Company: Galaxy Resources Ltd (GALXF)


Related terms: australia, china, market

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