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Reuters Summit-Galaxy Resources to raise $44 mln in share issue

Published 09/03/2009, 12:40 AM
Updated 09/03/2009, 12:42 AM

(For other news from the Reuters China Investment Summit, click on http://www.reuters.com/summit/ChinaInvestmentSummit09)

BEIJING, Sept 3 (Reuters) - Galaxy Resources plans to raise A$52 million ($44 million) in a private placement to help fund a lithium mine project in Western Australia, a venture that will also include a lithium carbonate facility in China, the company said on Thursday.

"We want to raise an additional A$52 million," Iggy Tan, the Galaxy's managing director, said during the Reuters China Investment Summit.

Galaxy will launch the roadshow next week, with Helmsec Global Capital as the lead broker, and will include stops in Hong Kong, Japan, Singapore and in Europe as well as in Canada and the United States.

"The idea is to have sufficient cash in reserve when we go out and start up the project. That is the time when the project is most vulnerable," said Tan.

Lithium carbonate is used in lithium-ion batteries, which are seen as the most practical option for electric vehicles as they have the higher energy density required to feed the electric motors that power the car. [ID:nT230151]

(Reporting by Kirby Chien; Editing by Ken Wills)

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