Galaxy Resources Limited (ASX:GXY) Announces The Placement Finalisation Of Creat Resources
Perth, April 27, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) has been advised by AIM listed Creat Resources Holdings Limited (LON:CRHL) that at its annual general meeting held this morning, all resolutions were passed unanimously allowing CRHL to complete the remaining Galaxy placement subscription.
Galaxy will now issue 29,492,907 shares to Creat Resources Holdings Limited.
Galaxy's current cash balance is approximately A$47 million and the additional placement funds will increase cash reserves to A$73 million.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
| ||
|
