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Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to confirm that it is fully funded to meet its present objectives and beyond.
Due to the significant increase in Galan’s market capitalisation (currently $546 million), it is no longer eligible to procure and utilise the additional 10% placement capacity, afforded to ASX listed companies with a market capitalisation of $300 million or less, under ASX Listing Rule 7.1A. A special resolution is required to be approved by shareholders for this additional capacity at the earlier of 12 months from the date of AGM or date of next AGM.
Furthermore, given the rapidly evolving and increasing sentiment and acquisition activity in the lithium sector, the Company considered it prudent to seek shareholder approval for additional capacity to issue potential shares at its upcoming AGM under ASX Listing Rule 7.1 (refer Resolution 4 of the Annual General Meeting Notice of Meeting). If approved, the additional capacity to issue shares, only has a currency of 3 months.
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.