Galan Lithium Restricted (ACN 149 349 646) (Galan or the Firm) is happy to offer particulars of its Share Buy Plan (Plan).
Within the ASX announcement dated 31 January 2024, entitled “A$19.5m Elevating to Fund Ongoing Improvement of HMW Part 1”, Galan introduced an $18 million placement to institutional, subtle {and professional} buyers (Placement) and a share buy plan provide of $1.5 million to present Galan shareholders. Beneath the Placement, Galan was to concern a complete of 39,130,435 totally paid unusual shares within the Firm at $0.46 per share together with 39,130,435 free attaching listed choices (exercisable at $0.65 with a 5-year train interval)(Choices).
The Firm raised $16.5 million (earlier than prices) and issued an preliminary 35,869,565 totally paid unusual shares within the Firm on 6 February 2024. The difficulty of the 35,869,565 free attaching Choices will observe in the end. Moreover, a few of Galan’s administrators will likely be subscribing for as much as 3,260,870 totally paid unusual shares together with as much as 3,260,870 free attaching Choices on the identical phrases elevating a complete of as much as $1.5 million (earlier than prices) in a second tranche that will likely be topic to shareholder approval at a forthcoming common assembly.
The provide beneath the Plan (Supply) will likely be on the identical phrases because the Placement for the problem of as much as 3,260,870 Shares at $0.46 per share (Supply Worth), together with as much as 3,260,870 free attaching Choices to boost as much as
$1.5m on the phrases and situations (Phrases and Situations) of the Plan enclosed with this letter.
Beneath the Plan, Eligible Shareholders (outlined under) could have the chance to buy as much as $30,000 on the Supply Worth no matter the scale of their shareholding and with out incurring brokerage or transaction prices. Shares issued beneath the Plan could have an Supply Worth of $0.46 per Share. One free attaching Choice may even be issued on the premise of 1 (1) Choice for each one (1) Share subscribed for and issued beneath the Plan. The Firm will make an software to ASX for citation of the Choices.
The provide of Choices beneath the Placement and the Plan will likely be made beneath a transaction particular Prospectus which is anticipated to be lodged with ASIC on 23 February 2024 and will likely be dispatched to Shareholders on 26 February 2024 (Prospectus).
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